Military Lending Act: Rules, Enforcement, and Servicemember Financial Stability

reportActive / Technical Report | Accesssion Number: AD1171934 | Open PDF

Abstract:

The Military Lending Act (MLA, 10 U.S.C. 987) regulates commercial lending practices and products offered to military servicemembers and their dependents. The Department of Defense (DOD) implements the provisions of this act and the Consumer Financial Protection Bureau (CFPB) oversees and enforces consumer protection laws and regulations. Some have argued that Military Lending Act rules place undue regulatory burdens on businesses that provide credit products. Others have argued that these rules provide important servicemember protections from abusive financial practices and, in turn, have a positive impact on military readiness.

Author(s):
Kamarck, Kristy N.
Author Organization(s):
LIBRARY OF CONGRESS
Funding Organization(s):
CONGRESSIONAL RESEARCH SERVICE, WASHINGTON , DC
Document Type:
Technical Report/Congressional Report
Publication Date:
2018 Oct 31
Pagination:
3

Security Markings

DOCUMENT & CONTEXTUAL SUMMARY

Distribution Code:
A - Approved For Public Release
Distribution Statement: Public Release

RECORD

Collection: TRECMS
Identifying Numbers
Report Number(s):
IN10988
Subject Terms
Communities of Interest:
Human Systems
Descriptor(s):
congress, department of defense, law, military personnel, united states government, commerce, consumers, security, governments, national security, regulations, air force, coast guard, data centers, marine corps, united states
Subject Categories:
Behavioral and Social Sciences; Behavioral and Social Sciences
Creation Date:
2022 Jun 16
Update Date:
2022 Aug 09