FRA, Consumer Groups Discuss Military Predatory Lending Protections
FRA, the Consumer Finance Protection Bureau (CFPB) Office of Service Members Affairs, and a number of consumer groups met this week with Department of Defense (DoD) officials to discuss recently enacted improvements to the Military Lending Act (MLA). Provisions of the FY 2013 National Defense Authorization Act (NDAA – H.R. 4310 - P. L. 112-239) direct the Department of Defense (DoD) to conduct a new study of credit products and practices that harm military borrowers, confer with consumer advocacy groups regarding the study, and promulgate a regulation in 2013 to implement changes in the law. FRA and others in the meeting urged DoD to include more clearly delineated definitions of payday and car title loans in the regulation to address existing loopholes in current protections.