The Department of Defense has published clarifications sought by banks on Military Lending Act (MLA) changes that are soon to go into effect and will expand the types of small-dollar loans subject to a 36 percent rate cap and other military-specific protections.
The DOD’s interpretive rule provides guidance on certain questions the department has received regarding compliance with MLA changes contained in a regulation finalized in July 2015 that banks must comply with on Oct. 3 99 BBR 17, 7/3/12, See previous story, 07/22/15, 140 Banking Daily, 7/22/15.
The changes extended the definition of “consumer credit” for military service members to a much broader range of open- ...
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