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Complying with current modifications to your Military Lending Act Regulation

Complying with current modifications to your Military Lending Act Regulation

The Department of Defense (DOD) has issued establishing new requirements for most non-mortgage related consumer credit transactions (Final Rule). 1 The Final Rule amends the regulation DOD promulgated under the part of the John Warner National Defense Authorization Act for Fiscal Year 2007 called the “Military Lending Act” (MLA). 2 The Final Rule expands coverage of the current regulation to include many non-mortgage related credit transactions covered by the Truth in Lending Act (TILA), 3 as implemented by Regulation Z. 4 It provides safe harbor methods for identifying borrowers covered by the Final Rule, prohibits the use of certain practices, and amends the content of the required disclosures if your credit union provides consumer credit to active duty Service members, their family members or dependents, you likely will have to comply with a final rule.