On September 29, 2014, the Department of Defense (DOD) published a proposed rule amending the Military Lending Act, which expands the scope of the Military Lending Act Protections. The CFPB appeared to be taking a strong role in developing the DOD’s proposal by issuing a press release of its own supporting the DOD’s actions. The proposal would limit interest charged to service members and their dependents on various types of loans and credit cards. In addition, the proposal would introduce a new private cause of action for plaintiffs that suffer Military Lending Act violations.
For a copy of the DOD press release and proposed rules, see here.