VES works to make sure the Consumer Financial Protection Bureau is doing its job and protecting the military community from fraud, including strong enforcement of the Military Lending Act.
Military Lending Act Under Attack
The US Consumer Financial Protection Bureau (CFPB) reportedly plans to curtail the enforcement of the Military Lending Act (see National Public Radio: White House Takes Aim at Financial Protections for Military and New York Times: Mulvaney Looks to Weaken Oversight of Military Lending). Veterans and military groups responded:
- Nearly 40 veterans and military service organizations call on the CFPB and US Defense Department to stop the rollback of servicemembers’ rights under the Military Lending Act (Aug. 23, 2018) (here)
- Resubmitted Sept. 5 with additional signatures (here)
- FULL PAGE NEWSPAPER AD nationwide (here)
- Sign the Citizens petition: KeepMilitaryProtections.Org
- Same letter borrowed submitted by a smaller, additional coalition (here)
- US Senators also write to US Defense Department (here)
- US Defense Department response (here)
- American Legion’s Louisiana Commander confronts CFPB’s Mulvaney at a Louisiana Town Hall (here)
- Bipartisan group of 33 state Attorneys General wrote CFPB urging it to enforce the Military Lending Act and protect servicemembers (here)
Representatives from Veterans Education Success, Veterans of Foreign Wars, Iraq and Afghanistan Veterans of America, the American Legion, Military Officer Association of America, and the National Military Family Association announced their support for increasing protections for service members and their loved ones from predatory lenders through the Consumer Financial Protection Bureau during a joint press conference in May 2019.