LAMB LEADS BIPARTISAN EFFORT TO PRESERVE MILITARY LENDING ACT PROTECTIONS
(WASHINGTON, DC) – Representative Conor Lamb (D-PA) led a bipartisan letter with Representatives Walter Jones (R-NC) and Jacky Rosen (D-NV) to the Consumer Financial Protection Bureau (CFPB) urging the agency to protect servicemembers and their families by upholding current Military Lending Act Protections. More than forty other Members of the House joined this effort.
Department of Defense (DOD) studies have found men and women in uniform are disproportionately subjected to the unfair practice of high-cost and predatory lending. Accordingly, Congress passed the Military Lending Act in 2006 to institute important financial protections for our servicemembers and their families, and the CFPB historically included these protections in their supervision of banks. However, recent reports suggest the CFPB is planning to suspend these examinations. Lamb’s bipartisan letter urges the CFPB to stop this harmful and unnecessary action, and to continue protecting our men and women in uniform.
"Our servicemembers are focused every day on serving our country. It’s our job to ensure that they have everything they need to do their jobs to the best of their ability,” said Congressman Lamb. “That must include effective consumer protections against predatory lending, already afforded under the Military Lending Act, for our men and women in uniform and their families."
"If the financial readiness of our military families is compromised, the readiness of our armed forces will suffer as well,” said Congressman Jones. “We must stand up for those who stand up for us."
"We owe it to our servicemembers and their families to ensure that laws meant to protect them from predatory lenders are enforced and that bad actors are held accountable,” said Congresswoman Rosen. “From payday lenders to Wall Street banks, the financial services industry needs to know that it is constantly under the watchful eye of the CFPB and that there will be consequences if lenders take advantage of our men and women in uniform."