Removing Barriers Blog

CUNA Presses Regulators for Guidance on MLA Rule
Posted March 15, 2016 by CUNA Advocacy

Today, CUNA staff met with the CFPB, DOD, NCUA, and other federal regulators to discuss ongoing concerns with DOD’s Military Lending Act regulation. At the meeting, we provided the agencies with a detailed list of compliance issues and questions we are hearing from credit unions. While NCUA issued a regulatory alert on the MLA rule earlier this month, that alert does not address the specific issues raised in CUNA’s detailed list, which includes several questions on the calculation of the military annual percentage rate (MAPR).

“Simply put, credit unions need more clarifications on this rule so they can continue to serve their military members,” said Elizabeth Eurgubian, CUNA’s Deputy Chief Advocacy Officer. Jared Ihrig, CUNA’s Chief Compliance Officer, who also attended the meeting, noted that, “We need guidance as soon as possible, because without it vendors don’t know how to adjust their systems, which makes it extremely difficult to ensure compliance with the rule.”

Today’s meeting is the latest in our ongoing advocacy efforts to improve this regulation, which becomes effective this October.