DOD Amends Military Lending Act Interpretive Rule

On December 13th the Department of Defense announced it was amending its interpretive rule for the Military Lending Act (MLA).  The interpretive rule was issued on August 26, 2016 as a series of questions and answers. The MLA places a limit on what a creditor can charge to service members and their families for covered loans.  In addition, the MLA requires various disclosures and consumer protections for covered loans.    This amendment to the interpretive rule addresses questions posed to the Department of Defense regarding MLA compliance.  It changes guidance on three questions in the interpretive rule and adds one additional question and answer.

https://s3.amazonaws.com/public-inspection.federalregister.gov/2017-26974.pdf

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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