Supreme Court Decision Safeguards the Future of Military Family Financial Protection

NMFA testified today alongside our partners in supporting military family financial wellbeing: the Military Officers Association of America (MOAA) and the Association of Military Banks of America (AMBA).

Today the Supreme Court, in a 7-2 decision, upheld the funding mechanism of the Consumer Financial Protection Bureau (CFPB) bringing to a close a battle that threatened to weaken, or at worst, eliminate CFPB altogether.

In May 2023, NFMA joined 14 Military and Veteran Service organizations in an Amici Curiae brief in support of the CFPB. Our Association, along with the other organizations, believe the Office of Service Member Affairs of CFBP has played a pivotal role in enforcing the Military Lending Act (MLA). If CFPB is weakened or eliminated, we will lose the only federal agency that is investigating violations of and enforcing the MLA.

Last November, the National Military Family Association testified before the Senate Banking, Housing and Urban Affairs Committee about safeguarding financial protection for military families. During our testimony, we talked about the importance of the Consumer Financial Protection Bureau (CFPB) which was created in 2011 and granted enforcement authority for the MLA by Congress in 2013. CFPB has made significant progress in supporting military families through enforcement of consumer financial laws and offering a space to seek resolution.

We are grateful that the CFPB will continue to enforce the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA), providing important financial protections for service members and their families.