CUNA has updated its Military Lending Act credit card fee spreadsheet for the first quarter of 2019, and CompBlogfeatures a “back to basics” entry for the MLA, examining what loans are covered and what loans are exempt from the rule.
CUNA has updated its Military Lending Act credit card fee spreadsheet for the first quarter of 2019. The spreadsheet is necessary because a credit union may exclude a bona fide credit card fee from the MAPR if the fee is considered “reasonable."
CUNA has updated its MLA credit card fee spreadsheet for the fourth quarter of 2018, which is necessary because a credit union may exclude a fee from the MAPR if the fee is considered “reasonable,” under the MLA rule.
CUNA compliance staff has updated its MLA fee comparison spreadsheet for the second quarter of 2018. CUNA launched this resource in October to help credit unions determine which fees are considered “reasonable and bona fide” under the MLA.
The Department of Defense’s December guidance on the Military Lending Act has impacted several credit union services, and a recent CUNA CompBlog post examines its effect on indirect dealer lending programs.
CUNA met with Department of Defense officials and representatives from federal financial regulators, including the NCUA and CFPB, Wednesday to discuss clarifications relating to the Military Lending Act guidance.
CUNA wrote to the U.S. Department of Defense Tuesday requesting at least a 6-month delay in the Oct. 3 effective date for changes to the Military Lending Act rule. CUNA has pushed the DOD for guidance.
The Department of Defense will release guidance in the coming weeks on changes to the Military Lending Act that will become effective Oct. 3. CUNA has continued its push for guidance before the October compliance deadline.
Pawnbrokers filed a lawsuit against the U.S. Department of Defense last week regarding changes to the Military Lending Act. Huntco Pawn Holdings, LLC and the National Pawnbrokers Association are seeking injunctive and declaratory relief for pawnbrokers.