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
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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