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Veterans & Military Service Organizations Urge CFPB & DOD Not To Rollback Servicemembers' Protections Under the Military Lending Act

26 Aug 2018 3:47 PM | Anonymous member (Administrator)

Attached please find two letters from 38 veteran and military service organization leaders asking US Defense Secretary James Mattis and Consumer Financial Protection Bureau Acting Director Mick Mulvaney to stop the rollback of servicemembers' rights under the Military Lending Act.

The letters are in response to Mr. Mulvaney's reported plan to stop the supervisory checks on banks and non-bank lenders for compliance with the provisions of the Military Lending Act, including the MLA's 36% cap on loans to servicemembers, and a plan to allow car lenders to circumvent the rules, as reported in these news articles:

The two letters from 38 veterans & military leaders have the same content and text, but are written under separate cover to gather a wider number of signatories, and one letter copies White House Chief of Staff John Kelly, while the other does not.  

Links to the letters are here and here.  Also attached.

Also attached is an audio file of today‚Äôs just-concluded telepresser call for reporters with military and veterans leaders.  Questions about the audio file, please contact Travis Small with Slowey McManus PR firm:  Tsmall@SloweyMcManus.com; 617-538-9041


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