Removing Barriers Blog

CUNA Pushes DoD for Relief and Guidance on the Military Lending Act Regulation
Posted May 18, 2016 by CUNA Advocacy

Earlier this week, we sent a letter to Marcus Beauregard, Chief of the DoD-State Liaison Office, seeking an update regarding possible revisions to the Military Lending Act regulation as well as compliance guidance, which we urge the DoD to develop in coordination with the CFPB and NCUA. Since the majority of the rule becomes effective this October, it is critical that such guidance be developed as soon as possible, and no later than June, as our letter stated.

This week’s letter follows a mid-March meeting our staff had with the CFPB, DoD, NCUA, and other federal regulators to discuss ongoing concerns with DoD’s MLA regulation. At the meeting, we provided the agencies with a detailed list of compliance issues and questions we are hearing from credit unions; that list is attached to the letter.

In addition to the clarifying amendments described in the letter, we wrote to DoD to urge it to consider substantive changes to the MLA rule to lessen the likelihood unintended harm to servicemembers.