As CUNA continues pushing the Department of Defense (DOD) for clarity on a number of Military Lending Act (MLA) issues, it seeks feedback from credit unions on the changes that became effective in October 2016. In addition to the clarifications, CUNA is also urging the DOD to develop guidance specific to the credit card-related MLA provision that become effective in October.
The DOD finalized changes to the MLA in July 2015, expanding the types of loans covered by the rule to include most loans that are subject to the Truth in Lending Act/Regulation Z and establishing limitations on terms of consumer credit extended to servicemembers and their dependents.
CUNA’s survey is designed to help measure the revised MLA’s impact on credit union lending and compliance efforts since October 2016. The results will be compiled and analyzed by CUNA research staff on a confidential basis. Only the combined results will be reported to CUNA’s advocacy team.
More information, as well as a link to the survey, can be found on CUNA’s Removing Barriers Blog.