CUNA wrote to NCUA Chair Rick Metsger Friday expressing concerns about the Oct. 3 compliance date of the U.S. Department of Defense’s (DOD) amended Military Lending Act (MLA) regulation. The concerns are ones still present after the DOD released compliance guidance Aug. 26, and the recent regulatory alert from the NCUA.
The Department of Defense finalized changes to the MLA rule in July 2015, adding protections on loans made to covered servicemembers. The changes will become effective Oct. 3.
CUNA’s concerns include: