InfoSight Spotlight: Kraninger submits proposal to Congress on MLA supervision
One highlight from this week’s InfoSight newsletter, focuses on the announcement from CFPB Director Kathy Kraninger that the CFPB has submitted a legislative proposal to Congress to grant the bureau clear non-exclusive authority to supervise for compliance with the Military Lending Act (MLA).
Additionally, the bureau has posted an announcement of a Final Rule adjusting for inflation the maximum amount of each civil penalty within the bureau’s jurisdiction. The inflation adjustments mandated by the Inflation Adjustment Act serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The Final Rule will be effective on publication in the Federal Register. They represent a 2.522 percent increase over the limits published for 2018. The bureau’s CMP limits are found in its “Civil Penalty Adjustments” regulation at 12 CFR Part 1083.
Read the full InfoSight newsletter here.