Last October, the US Department of Defense (DoD) finalized its proposed rule to expand application of the Military Lending Act (MLA). Together, the League and CUNA have shared their implementation concerns, one of those being the major roadblock to implementation: lack of DoD guidance on how to interpret some of the requirements.
“Without interpretation guidance, it is much more difficult for credit unions to develop policy and procedures, and to work with data processors and forms vendors,” said Jeanne Couchois, VP compliance and regulatory counsel.
Because the rule adds burden on credit unions when dealing with active duty military service members and their dependents, the League reached out to CUNA’s advocacy team and with their help is addressing issues with all interested parties. CUNA also shared an overview of its process for answering common questions.
Credit unions facing roadblocks as they work through implementation of the MLA rule should contact Jeanne Couchois at email@example.com.
“Your specifics help us advocate for you by reinforcing our positions with factual basis,” Couchois added.
The League will continue to meet with CUNA and share any new information as it becomes available.
Read this full story in the March 8 edition of The Regulatory Report here (login required).