News

September 25, 2018

Auto Finance News publishes article by Partner Michael Benoit: CFPB Suspends Military Supervision

Partner Michael Benoit's monthly article in Auto Finance News addresses the Bureau of Consumer Financial Protection's ("Bureau") Acting Director Mick Mulvaney's announcement that he is suspending regular examination of institutions' compliance with the Military Lending Act (MLA). Mulvaney has argued that the MLA did not provide the Bureau with supervisory authority, and since Congress failed to delegate supervisory authority to the Bureau, it must limit its activities to enforcement of the law. Michael explains how this view differs from Mulvaney's predecessor and why Congress needs to provide further clarification.

Click here to read the article.


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