NAFCU statement on NCUA’s acceptance of “good faith” efforts on DoD MLA rule
WASHINGTON, DC (October 4, 2016) — 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.”
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.