With the scheduled changes to the Military Lending Act (MLA)rule scheduled to take effect Oct. 3, CUNA will host a live webinar to explore the impact of the upcoming changes. Titled “Changes to the Military Lending Act: Is Your Credit Union Ready?” the webinar will take place Sept. 13 at 2 p.m. (ET).
“For credit unions to continue providing consumer-friendly services to military members, it is absolutely essential that they have an implementation plan for the new MLA provisions,” said Jared Ihrig, CUNA’s chief compliance officer. “This webinar will walk participants through the major changes to the regulation and provide them with guidance on how to prepare their credit unions for these changes.”
CUNA attorneys Michael McLain and Michael Christians will host the webinar and provide their interpretation of what the changes mean for credit unions.
Representatives from CUNA Mutual Group will also join the webinar to discuss the changes’ impact on their LOANLINER documents.
Following the presentations, attendees will be able to ask the speakers about the amended regulation and best practices for compliance.
The Department of Defense (DOD) finalized changes to the MLA rule in July 2015, adding protections on loans made to covered servicemembers.
The DOD published guidance on the changes last month, and CUNA has asked the DOD for a 6-month extension of the effective date, or at least a 6-month safe harbor for entities making good faith compliance efforts.
In addition, CUNA joined other trade organizations to request that the Federal Financial Institutions Examination Council member agencies (which include NCUA and Consumer Financial Protection Bureau) delay examination of the new rule by 6 months.