CUNA met with Department of Defense (DOD) officials and representatives from federal financial regulators, including the NCUA and CFPB, Wednesday to discuss clarifications relating to the Military Lending Act (MLA) guidance. CUNA sent a letter to the DOD last week requesting an immediate change to MLA guidance, which was a primary topic of discussion at the meeting.
CUNA joined the Defense Credit Union Council last week to request removal of a problematic question from the DOD’s guidance. The question addresses certain credit extended for the purchase of a motor vehicle or personal property.
The DOD finalized changes to the MLA regulation in 2015, and issued an interpretive rule in 2016 and amendments to that guidance in 2017.
CUNA and DCUC seek complete removal of the question and answer from the interpretive rule, as amended in 2017 and as originally issued in 2016.