WASHINGTON (11/4/14)--Comments on small amendments to the Consumer Financial Protection Bureau's (CFPB) new mortgage rules and the proposed changes to the Military Lending Act (MLA) are due to their respective agencies this month.
The CFPB's proposal would make two changes to the upcoming Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated disclosures rule, which will become effective Aug. 1, 2015.
The changes are:
Comments on the proposal are due to the CFPB by Nov. 10.
The changes to the MLA would establish a maximum military annual percentage rate (MAPR) of 36% that could be charged on closed-end consumer credit transactions.
Some, including the Credit Union National Association and Defense Credit Union Council, along with the National Credit Union Administration, have expressed reservations about the proposal.
NCUA Chair Debbie Matz has said the proposal could affect credit unions who offer payday alternative loans. Many credit unions charge an interest rate on such loans up to 28% and an application fee of $20. The new proposal would include application fees in the 36% cap.
Comments are due to the Department of Defense by Nov. 28. Comments on the MLA proposal can also be submitted to CUNA by Friday.