Due to a malfunction, the Department of Defense’s Military Lending Act website was unable to process a total of 149 request files between Feb. 9 and Feb. 15, according to a notice posted on the site.
Browsing: Military Lending Act
ABA today hosted a meeting with representatives from the Department of Defense, trade associations and financial institutions to discuss ongoing issues related to the Military Lending Act amendments that took effect in October.
The federal banking agencies today issued updated interagency examination procedures for the amendments to the Military Lending Act rule, which extend MLA restrictions to cover credit cards, lines of credit, installment loans and deposit advances offered to service members and their dependents.
The Consumer Financial Protection Bureau today issued examination procedures for the amendments to the Military Lending Act rule taking effect as soon as Oct. 3.
With the compliance deadline for changes to the Department of Defense’s Military Lending Act rules just a week away, ABA is issuing a compliance checklist for bankers and unveiling a new resource webpage combining all ABA resources on the MLA.
The American Bankers Association and several financial trade associations today wrote to the heads of the federal regulatory agencies raising concerns about the fast-approaching compliance deadline for changes to the Department of Defense’s Military Lending Act rule.
In remarks at the Association of Military Bankers’ annual workshop today, OCC Senior Deputy Comptroller Grovetta Gardineer stressed the importance of ensuring that all military service members and their families receive the consumer protections they are entitled to under the Servicemembers Civil Relief Act.
With recent changes to the Military Lending Act rules set to take effect in October, the Department of Defense is issuing an interpretive rule clarifying several elements of the changes.
With many banks struggling to be ready for the Military Lending Act regulatory changes taking effect in October, Department of Defense officials signaled that the Pentagon is working on changes that would facilitate compliance.
The American Bankers Association and several other bank and credit union trade groups are urging the Department of Defense to issue clarifications of and changes to the new Military Lending Act regulations taking effect in October.