Military Lending Act: Get Ready to Comply

The Department of Defense (DOD) issued a final rule in July 2015 to amend the regulation that implements the Military Lending Act (MLA). Credit unions must comply with the rule for closed-end and open-end consumer credit other than credit card accounts by October 3, 2016. For credit cards, the mandatory compliance date is October 3, […]

The Department of Defense (DOD) issued a final rule in July 2015 to amend the regulation that implements the Military Lending Act (MLA). Credit unions must comply with the rule for closed-end and open-end consumer credit other than credit card accounts by October 3, 2016. For credit cards, the mandatory compliance date is October 3, 2017. There are a number of questions to answer as you prepare to comply. Also, here is a sample of a member example.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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