CUNA and other financial services organizations met Wednesday with the Department of Defense (DOD) and other federal financial regulatory agencies to reiterate numerous concerns with the Military Lending Act (MLA). The DOD made changes to the MLA that became effective last year, changes that establish limitations on terms of consumer credit extended to servicemembers.
CUNA has met with both the DOD and NCUA a number of times over the past year to share questions brought by credit unions as they work to comply with the regulation.
During Wednesday’s meeting, CUNA discussed:
Agencies present at the meeting include NCUA, Consumer Financial Protection Bureau, Federal Trade Commission, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Federal Reserve Board.
The agencies were open to hearing the challenges arising under the MLA and the upcoming credit card regulatory deadline. While they did not commit to any solutions at the meeting, all agencies indicated their willingness to find solutions and work with industry on the implementation issues.
CUNA intends to follow up with the agencies to seek additional guidance and clarifications pertaining to these and other issues under the MLA in the very near future.