Underwood Pushes For Military Lending Act

NEW YORK — Barbara D. Underwood, New York attorney general, has joined a bipartisan coalition of 33 attorneys general calling on the Consumer Financial Protection Bureau and Mick Mulvaney, acting director, to continue protecting military servicemembers against predatory lenders under the Military Lending Act.

The Attorneys General urge the CFPB to reconsider its reported decision to stop examining lenders to ensure they are complying with the act.

“We have a fundamental responsibility to protect those who bravely protect us,” Underwood said. “Servicemembers and their families should not have to worry about being deceived by predatory lenders, and the CFPB must do its job and continue protecting them from potential financial harm.”

The Military Lending Act, enacted in 2006, protects military servicemembers and their families against exploitative lenders and loans so that servicemembers aren’t overburdened with debt. The CFPB has the authority to examine lenders’ compliance with the Military Lending Act to detect potential risks to consumers and ensure that military servicemembers aren’t being offered illegal loans.

COMMENTS