Military Lending Act | Auto Finance News | Auto Finance News

CFPB Broadens Scope of Financial Education Tool

The Consumer Financial Protection Bureau expanded the audience of its virtual financial education tool, called Misadventures in Money Management, to include all active service members. When launched in 2016, the tool was developed for future service members who had not yet been shipped off to basic military training. Last week, the bureau widened the audience […]

CFPB Asks Congress for Authority on Military Lending Act Compliance

Consumer Financial Protection Bureau Director Kathy Kraninger issued a legislative proposal to Congress on Thursday asking for authority to supervise compliance with the Military Lending Act.  The move by Kraninger is another step to reverse policies implemented by predecessor Mick Mulvaney, who had announced in August 2018 that the bureau would scrap supervisory examinations of […]

SNAAC Adapts to Revised Military Lending Reg to Sell GAP

Security National Automotive Acceptance Co. is one of the first lenders to adhere to revised regulations from the Department of Defense through a new compliance program, Auto Finance News has learned. In December, the DoD clarified that servicemembers seeking GAP policies are subject to the Military Lending Act (MLA). As a result, many dealers stopped […]

Compliance: Not Dead Yet

Sighs of relief turned into sighs of frustration this past December when the Department of Defense (DOD) issued a new interpretation of the Military Lending Act (MLA), potentially resulting in severe implications for all dealers who sell or have sold vehicles to active-duty members of the U.S. armed forces and/or their dependents. It seems that […]

Compliance Insider: Houston, We Have a Problem

I guess when it rains, it pours. My last two columns dealt with the Consumer Financial Protection Bureau’s proposed rule to regulate small dollar loans and the confusion the proposed rule, if finalized, might create for the vehicle finance industry. Not to be outdone, it seems the Department of Defense has — probably unintentionally — decided […]