Which entity is primarily responsible for the enforcement of the Military Lending Act?

The Consumer Financial Protection Bureau (CFPB) is primarily responsible for the enforcement of the Military Lending Act (MLA). The MLA aims to protect active-duty service members and their dependents from predatory lending practices, ensuring that they are not subjected to excessively high-interest rates and other unfair terms. The CFPB has been established to oversee and enforce consumer financial protection laws, which includes ensuring compliance with the MLA.

This enforcement role involves monitoring financial institutions for adherence to the MLA guidelines, conducting investigations, and taking necessary actions against entities that violate the act. By centralizing this responsibility within the CFPB, the government aims to provide a focused approach to safeguarding military personnel against financial exploitation.

In contrast, the other entities mentioned, such as the Federal Reserve Board, National Credit Union Administration, and Federal Trade Commission, have different regulatory scopes and priorities that do not primarily center on the enforcement of military-specific lending protections. While they all play important roles in consumer finance and consumer protection, the CFPB is uniquely positioned to carry out this specific enforcement function related to the Military Lending Act.