On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.”  A recording of the hearing is available here

July has been designated as “Military Consumer Month,” a public-private marketing initiative created by state and federal

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued the Office of Servicemember Affairs Annual Report for 2021.  The report focuses primarily on customer complaints, highlighting issues related to credit reporting, debt collection, and medical billing. 

According to the CFPB, it received more than 42,700 customer complaints from servicemembers in 2021, a 5% increase from

On April 15, 2022, the U.S. Department of Justice filed a lawsuit against Steve’s Towing, Inc., located in Virginia Beach, Virginia, pursuant to the Servicemembers Civil Relief Act (“SCRA”), 50 U.S.C. §§ 3901-4043, for alleged violations of the SCRA’s prohibition against enforcing a storage lien on a servicemember’s vehicle during, or within ninety days after,

The final version of the National Defense Authorization Act for Fiscal Year 2022 (NDAA) (S. 1605) currently awaiting President Biden’s signature does not contain several proposed provisions that members of the consumer financial services industry had opposed.

Specifically, the NDAA does not contain provisions that would have:

  • Expanded coverage of the Military Lending

The Department of Justice announced earlier this week that it has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (HESAA) to settle the DOJ’s claim that HESAA violated the Servicemembers Civil Relief Act (SCRA) by obtaining unlawful court judgments against two military servicemembers for amounts owed on student loans. 

In another action demonstrating that a “new CFPB” is in place under the Biden Administration, the CFPB has issued an interpretive rule setting forth the basis for its determination that it has authority to examine institutions that it supervises for Military Loan Act (MLA) compliance.

In 2018, under the leadership of former Acting Director Mulvaney,

Earlier this month, the Office of Servicemember Affairs (OSA) released its annual report covering the Office’s activities during fiscal year 2019, which covers the period of October 1, 2018 to September 30, 2019.

Noteworthy items include:

  • Top Complaints Received from Military Consumers During FY19.  In FY19, the same overall number of complaints (34,600) were submitted

The FTC has issued a final rule to implement a 2018 amendment to the FCRA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act that requires nationwide consumer reporting agencies  (CRAs) to provide free electronic credit monitoring service for active duty military consumers.  The rule will be effective 30 days after its publication

At the end of last week, the Federal Trade Commission (FTC) and the Department of Veterans Affairs (VA) announced that they have entered into a Memorandum of Agreement (MOA) “to provide mutual assistance in the oversight and enforcement of laws pertaining to the advertising, sales, and enrollment practices of institutions of higher learning and other

Twenty-three Democratic members of the House Financial Services Committee have sent a letter to Kathy Kraninger, the CFPB’s new Director, urging the Bureau to resume examining its supervised entities for compliance with the Military Lending Act (MLA).  The Democrats signing the letter include Maxine Waters, currently the Ranking Member, who is expected to become Committee