National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to National Credit Union Administration (NCUA) Board announcement that the agency will consider “good faith efforts” by credit unions to comply with the Department of Defense Military Lending Act rules that went into effect this week.
“Given the staggering complex compliance challenges with the MLA rule, today’s announcement that NCUA will consider credit unions’ ‘reasonable and good faith efforts’ to comply is a positive development. However, many issues still need to be resolved,” said Berger. “We will continue to advocate for the Department of Defense to revisit the MLA rule with an eye toward ensuring that credit unions can continue to provide affordable credit to servicemembers.”