Browsing: Military banking

Compliance and Risk

The new Military Lending Act regulations — which require that banks determine military status for applicants applying for consumer credit that is not a mortgage or purchase money loan — provide a compliance safe harbor for lenders who verify military status through the Department of Defense data base or a nationwide credit bureau.

Compliance and Risk

The Defense Department today issued a final rule tightening restrictions on lending to service members. The rule expands the restrictions in the Military Lending Act — which principally targeted tax refund anticipation loans, payday loans and car title loans — to cover credit cards, lines of credit, installment loans and deposit advances offered to service members.

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