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Military lending rule doesn’t completely exempt credit unions; CUNA evaluating rule

WASHINGTON, D.C. (July 21, 2015) — The Credit Union National Association (CUNA) released the following statement after the Department Of Defense finalized the Military Lending Act rule:

“We appreciate that there is a one-year safe harbor period for compliance with this rule,” said Elizabeth Eurgubian, CUNA Deputy Chief Advocacy Officer. “CUNA strongly supports MLA protections for service members from unscrupulous business practices of organizations targeting our military personnel but will continue to evaluate the rule as the DoD did not completely exempt credit unions, who have always been dedicated to the financial well-being of their member-owners, from the reach of the regulation.”

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