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.
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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.
In a members-only staff analysis issued today, ABA provided background information and an FAQ on how banks can determine military or military dependent status for loan applications as required by recent Military Lending Act regulations.