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CFPB director asks for clear authority over Military Lending Act compliance

Consumer Financial Protection Bureau Director Kathleen Kraninger has asked the U.S. Congress to explicitly grant the agency clear authority to conduct examinations specifically intended to review Military Lending Act compliance.

The agency sent a legislative proposal to the speaker of the U.S. House of Representatives, Nancy Pelosi, and U.S. Vice President Mike Pence in his capacity as president of the U.S. Senate. Copies were shared with the chairs and ranking members of the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services.

Kraninger said that the CFPB wants to ensure compliance among lenders subject to its jurisdiction so that service members and their families are provided with the protections of the Military Lending Act.