Webinar to Examine Oct. 3 MLA Credit Card Expansion
FOR IMMEDIATE RELEASE
MADISON, Wis., and WASHINGTON (July 3, 2017) – CUNA will host a special webinar, “Military Lending Act Part Two: New Credit Card Rules Effective Date October 3, 2017,” on July 13, 2017, at 11 a.m. CST. The webinar will analyze the impact of the Oct. 3 expansion of the Military Lending Act (MLA), which will add credit cards to the list of loan products governed by the regulation.
“Compliance with the MLA is an important element in credit unions’ desire to best serve those who serve our country,” said Jared Ihrig, chief compliance officer at CUNA. “When the credit card provisions of the rule become effective, attendees of this webinar—which explains the nuances and implications of these changes in great detail—will be able to ensure compliance for their credit union while continuing to provide crucial financial services to servicemembers.”
Michael McLain and Michael Christians, senior federal compliance counsel’s with CUNA along with Jen Torbeck, senior manager, compliance, CUNA Mutual Group will host the webinar. Speakers will cover the specific ways in which the MLA expansion to credit card accounts will affect your credit union’s operations.
Issues to be discussed include:
- Determining covered borrower status and those credit card accounts subject to the rule;
- What fees and charges are required to be included in the calculation of the MAPR for credit card accounts;
- Identifying bona fide and reasonable credit card fees that may be excluded from the MAPR calculation; and
- Mandatory disclosure requirements and product limitations.
Additionally, speakers will discuss CUNA Mutual Group’s LOANLINER® MLA-compliant document solution for credit cards, which can help credit unions fulfill the new requirements.
To learn more and register for the webinar, please visit the official website.
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Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by more than 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.