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CFPB, industry differ on MLA proposals
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Consumer Protection
Friday, January 2, 2015
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The CFPB’s Office of Servicemember Affairs said in a new report, submitted in support of the Department of Defense's proposed amendments to the Military Lending Act, that lenders were able to step around the protections of the MLA. Banking agencies said the proposed changes could require every lending institution to check the military status of every potential credit customer and their family, and went too far.
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