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Wednesday, September 18, 2013

CFPB Publishes Guidelines for Protecting Servicemembers in Payday Lending Market

The CFPB released guidelines to its examiners on how to identify consumer harm and risks related to Military Lending Act (MLA) violations when supervising payday lenders. The Act provides greater protections for military families, including capping annual percentage rates at 36%. The new guidelines are included in an updated exam manual for the short-term, small-dollar lending industry.

The Dodd-Frank Act mandated that the CFPB supervise payday lenders for the first time at the federal level. In addition, in 2012, Congress amended the MLA by, among other things, giving the CFPB the authority to enforce it.

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