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Report: CFPB could weaken military lending protections

Regulators could weaken certain aspects of the Military Lending Act, according to an Aug. 10 article from The New York Times.

The Consumer Financial Protection Bureau is reportedly planning to suspend examinations of lenders that look for violations of the Military Lending Act, according to internal agency documents. The act is designed to protect military service members and their families from certain predatory practices.

The Times reported that the draft of the change indicated interim Director Mick Mulvaney plans to stop supervisory examinations of lenders because he does not believe that oversight is explicitly laid out in the legislation.

A spokesman for Mulvaney said the change came after a review of the bureau's procedures that have been criticized in the past as being overly aggressive. Instead of using examinations to uncover patterns of potential abusive practices, the bureau will now only rely on complaints that come through its website, hotlines and the military, according to the Times.