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Friday, December 21, 2012

House Passes Defense Bill; Includes Consumer Credit Provisions

The House yesterday passed by a 315-107 vote the fiscal year 2013 Defense Authorization Bill (H.R. 4310) that includes several consumer credit provisions affecting banks. The legislation clarifies that the same regulators that enforce the Truth in Lending Act will enforce consumer credit protections for service members and their dependents. This ensures that there is no question the CFPB can take action against nonbanks under its jurisdiction. The bill also contains additional protections from frivolous lawsuits, and it simplifies the definition of covered dependents. The Senate still must pass the legislation.

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