CFPB May Suspend Supervisory Examinations for Military Lending Act Violations

A major news outlet, citing internal agency documents, recently reported that the CFPB’s acting director, Mick Mulvaney, is planning to suspend routine examinations of lenders for violations of the Military Lending Act.  According to the report, the change came from a review of the CFPB’s procedures aimed at curtailing what has been considered by the Trump Administration and industry executives as overly aggressive enforcement by the CFPB’s first director, Richard Cordray.  The report states that director Mulvaney believes the Military Lending Act does not currently provide the legal authority to conduct routine supervisory examinations.