Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger formally has proposed that the bureau be granted express authority to supervise entities for Military Lending Act (MLA) compliance in letters to House Speaker Nancy Pelosi (D-Calif.) and Vice President Mike Pence.
The implication that the bureau’s examiners will not conduct regular supervision for MLA compliance violations – something the CFPB has done in the past – without an act of Congress expressly granting the agency permission to do so falls in line with the stance former acting director Mick Mulvaney took on the matter.
Find out more details about the bureau’s proposal.