News & Analysis as of

Department of Defense (DOD) Banking Sector

PilieroMazza PLLC

Weekly Update for Government Contractors and Commercial Businesses – April 2023

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Takeaways from Biden Administration’s Initiative to Promote Equal Opportunity in Federally Funded Infrastructure Projects - On March 14, 2023, the U.S. Department of Labor (DOL) announced the launch of the “Mega...more

Clark Hill PLC

Window on Washington – Vol. 6, Issue 8

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Outlook for This Week in the Nation’s Capital - Congress. The House and Senate are back in session this week. While both chambers have a number of items scheduled for action, the Russian invasion of Ukraine, and the US...more

Clark Hill PLC

Window On Washington - Vol. 2, Issue 49

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Outlook for This Week in the Nation's Capital - Year End Budget Battle. On Friday, President Trump signed the two-week Continuing Resolution (H.J. Res. 143) into law, funding the government through December 21st....more

Ballard Spahr LLP

More industry groups petition Department of Defense to withdraw MLA interpretation on GAP insurance financing—is a response...

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We previously reported that several trade groups had sent letters petitioning the Department of Defense (DoD) to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending...more

Clark Hill PLC

Window On Washington - Vol. 2, Issue 11

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Outlook for This Week in the Nation's Capital - Omnibus Could Be Released Today. House Republicans are scheduled to have a meeting early this evening to discuss the FY18 Omnibus bill and the text of the bill could possibly...more

Ballard Spahr LLP

Update to MLA Website Expands Search Functionality

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Yesterday, the Department of Defense’s (DoD) Military Lending Act website was temporarily taken offline to accommodate various “security and performance enhancements.” ...more

Ballard Spahr LLP

Trade groups ask Defense Dept. to rescind MLA interpretation on GAP insurance financing

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Four trade groups have sent letters to the Department of Defense (DoD) asking the DoD to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending Act final rule (MLA Rule)...more

Ballard Spahr LLP

Department of Defense Issues Additional MLA Rule Interpretive Guidance; SCRA Foreclosure Protections Extended

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Last week the Department of Defense (DoD) issued an interpretive rule under the DoD’s Military Lending Act final rule (MLA Rule). The interpretive rule amends four of the “Q&A” format interpretations that DoD issued on August...more

Ballard Spahr LLP

Defense Dept. rejects trade group’s request for extension of Oct. 3 MLA compliance date for credit cards

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The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more

Ballard Spahr LLP

Propoposed Bill Would Significantly Expand MLA Disclosure Requirements

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We recently reported on a bill introduced in the House of Representatives by Congressman Dan Kildee (D-Michigan) that would amend the Military Lending Act (“MLA”) to require that creditors provide additional disclosures to...more

Ballard Spahr LLP

CFPB’s Office of Servicemember Affairs Issues Annual Report

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The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families....more

Ballard Spahr LLP

MLA Website malfunction

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According to an announcement posted on the Military Lending Act (“MLA”) Website, “[b]etween February 9, 2017 and February 15, 2017 there was a problem with MLA Multiple Record Requests that prevented 149 request files from...more

Burr & Forman

Military Lending Act Compliance

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On October 3, 2017, the Department of Defense’s revised Military Lending Act (“MLA”) regulations will apply to consumer credit card accounts. These regulations require significant changes and will alter the landscape of how...more

Ballard Spahr LLP

CFPB to participate in interagency MLA webinar

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On December 1, 2016, the  FDIC will co-host an interagency webinar that will focus on Military Lending Act regulations and the Department of Defense’s recently-released interpretive rule. In addition to a CFPB...more

Ballard Spahr LLP

As part of joint initiative with the CFPB, FTC launches updated, mobile-friendly Military Consumer website

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This week, the FTC announced the launch of a redesigned Military Consumer website as part of its joint initiative with the DoD, CFPB and others. Military.Consumer.gov is a financial readiness website designed to help...more

Ballard Spahr LLP

FDIC Releases Revised MLA Exam Procedures and Sets Supervisory Expectations

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On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The revised procedures...more

Ballard Spahr LLP

CFPB and FFIEC Release Updated MLA Exam Procedures; NCAU Will Accept Reasonable and Good Faith Efforts to Comply

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On September 30, the CFPB released updated examination procedures for Military Lending Act (MLA) compliance. Compliance with the final rule amending the MLA, issued by the Department of Defense (DoD) in July 2015, was...more

Ballard Spahr LLP

DoD issues MLA interpretive rule

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The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The much-anticipated guidance was...more

Ballard Spahr LLP

Trade groups seek extension of compliance date for Military Lending Act final rule

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The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule...more

Ballard Spahr LLP

Holly Petraeus to retire from CFPB

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According to Politico, Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemember Affairs, will be retiring from the CFPB. During her tenure at the CFPB, the protection of military servicemembers and their...more

WilmerHale

Department of Defense Issues Final Rule Expanding Military Lending Act to Credit Cards and Other Consumer Lending Products

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On July 21, 2015, the U.S. Department of Defense (“DOD”) announced the final rule amending the Military Lending Act’s (“MLA”) implementing regulations. The changes apply the MLA’s strict lending restrictions to consumer...more

Ballard Spahr LLP

Director Cordray appears before Senate Banking Committee

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On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more

Ballard Spahr LLP

CFPB endorses MLA expansion

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In an effort to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, the CFPB has released a report entitled “The extension of high-cost credit to servicemembers and their...more

Ballard Spahr LLP

Banking industry trade groups comment on Defense Department’s proposed amended MLA regulations

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The American Bankers Association, Consumers Bankers Association, Independent Community Bankers of America, National Association of Federal Credit Unions, and Association of Military Banks of America have submitted a 59-page...more

Morrison & Foerster LLP

DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the...more

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