Letter to credit unions announces NCUA examination approach as compliance begins with the amended Military Lending Act regulation
WASHINGTON, DC (October 4, 2016) — 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.
View the Letter to Credit Unions here
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.