CFPB Releases Guidelines For Military Payday Lenders

Law360, New York (September 17, 2013, 6:50 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday released guidelines that its examiners will use to determine whether payday lenders are complying with the Military Lending Act, as part of broader efforts to protect military borrowers who are often targeted by predatory lenders.

Under the guidelines, CFPB examiners must ensure that military lenders are capping the annual percentage rate on payday loans at 36 percent and do not assess prepayment penalties, among other measures. The guidelines were issued in an updated exam manual that the CFPB released...
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