WASHINGTON -- The Trump administration is considering rolling back some financial protections members of the military. It is a move that some critics argue will put those who serve at risk.

  • The White House is toying with a proposal where oversight powers would be rolled back
  • Senate Democrats sent a letter to the administration demanding they change course
  • Some critics argue the plan will put those who serve at risk

Under a 2006 law called the Military Lending Act (MLA), the Consumer Financial Protection Bureau (CFPB) monitored and routinely examined lenders, with the goal of catching predatory lenders and those that may abuse members of the military.

As first reported in The New York Times and on NPR, the White House is toying with a proposal where those oversight powers would be rolled back. The government would still be able to respond to reports of abuse.

However, critics say that is not good enough, as it puts greater onus on members of the military. Carlos Fuentes with the Veterans of Foreign Wars (VFW) says that is not good enough.

“You want make to be proactive, you don’t want it to come to a situation where you have a deployed service member who is being foreclosed on in order to take action,” Fuentes said.

Earlier this week, Senate Democrats sent a letter to the administration, demanding they change course and not, as they say, turn a blind eye on members of the military.

“What the CFPB is reported to be contemplating is equivalent to forcing our Armed Forces to stop using radar, sonar, and other early warning technologies and instead react to threats as they occur,” the letter read.

Reached for comment, staff members for two Senate Republicans said their bosses were not invited to sign this letter.

For its part, the Trump administration says they are evaluating whether the law allows them to proactively look for abuse.

“Under new leadership, the Bureau has engaged in a comprehensive review of its activities and is assessing whether those activities align with its statutory authority,” wrote CFPB spokesperson John Czwartacki in a statement. “The Bureau expects to convey its findings to Congress and to seek legislative clarity where warranted.”

Fuentes believes things need to be cleared up quickly, so members of the military do not have to worry.

“We want to make sure they can focus on their fight, focus on their mission and not financial problems that should not be an aspect of military service,” Fuentes said.

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