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Removing Barriers Blog

CUNA Continues to Press DoD for Clarification on MLA Rule
Posted December 12, 2016 by CUNA Advocacy

CUNA’s latest effort to achieve clarification on the Department of Defense’s Military Lending Act regulation comes in the form of a letter sent today to the DoD with a copy sent to NCUA Chairman Metsger. The letter urges the DoD to answer several outstanding questions on which CUNA continues to receive inquiries. Many of these questions were raised in a September letter to NCUA. 

Although the bulk of the MLA rule went into effect this October, we are still pressing for clarification on: purchase money loans, ancillary products, statutory liens, share-secured loans, the term “vehicle,” credit card fees, and oral disclosures. In addition, we are asking the DoD to consider exempting credit unions with a very low volume of covered transactions from compliance with the rule.