Dear Board of Directors and Chief Executive Officer:
The National Credit Union Administration issued a Letter to Credit Unions announcing its examination approach as credit unions started complying with the amended regulation implementing the Military Lending Act.
Most provisions of the revised regulation became effective October 3, 2016. Credit unions must comply with the rules affecting credit card accounts starting October 3, 2017.
We provide credit unions with the best federal advocacy, education and compliance assistance in the industry. The National Association of Federally-Insured Credit Unions (NAFCU) is a direct membership association for federally insured credit unions. We are committed to representing, assisting, educating and informing our member credit unions to help them grow, and help grow the credit union industry. Over the years we have been able to build on our foundation, growing stronger with our members and steadfast in our beliefs and focus: providing unwavering federal advocacy, top-rated education, one-of-a-kind compliance assistance and supreme responsiveness. Why? Because we believe credit unions are the best and they deserve the best.
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