Amendments to the Military Lending Act will affect more credit union products
Compliance with the act will be mandatory by October 2016
Military Lending Act (MLA) protections will soon apply to many more credit union products.
The protections, which apply to active duty servicemembers and their dependents, will cover a new broad set of consumer credit products, says Michael R. Christians, a compliance attorney with PolicyWorks LLC.
“This is an important thing to get your head wrapped around,” Christians said during a recent CUNA webinar.
“It is a much broader definition of what constitutes consumer credit for purposes of the MLA.”
Previously, “narrow” parameters under the MLA applied only to payday loans, auto title loans, and tax refund anticipation loans.
The requirements of the MLA now extend to all credit granted for personal, family, or household purposes that is either:continue reading »