The Military Lending Act (MLA) will apply to credit card accounts starting Tuesday, October 3. The final rule took effect last October but provided a one-year exemption for “credit extended in a credit card account under an...more
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
5/26/2017
/ Annual Reports ,
Banking Sector ,
Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Defense (DOD) ,
Interest Rates ,
Military Lending Act ,
Military Service Members ,
SCRA ,
Veterans
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
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
10/21/2016
/ Banking Sector ,
Consumer Lenders ,
Credit Cards ,
Department of Defense (DOD) ,
FDIC ,
FFIEC ,
Financial Institutions ,
Industry Examinations ,
Military Lending Act ,
Military Service Members ,
Regulatory Standards
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