Military Lending Act Resources Posted by AVCU on 1:38 PM

Credit unions face significant challenges in efforts to comply with the revised Military Lending Act, effective on 10/3/16, due to a lack of clarity in the final rule and DOD's issuance of its interpretive guidance only 38 days before the regulation's effective date.

We're had a lot of MLA compliance guidance, but here are a couple of additional resources available to CUNA and AVCU members:

Changes to the Military Lending Act: Is Your Credit Union Ready?
On September 13th, CUNA compliance staff members Mike McLain and Michael Christians hosted a webinar to provide an overview of the amended MLA regulation and discuss the DOD's interpretive guidance. A recorded version of this webinar is available here.

MLA Questions and Answers
The CUNA compliance team has compiled a list of the most frequently asked questions received from credit unions regarding the MLA. Available on the resources tab of the MLA section of CUNA's e-Guide, this Q&A document addresses things like consensual security interests/statutory liens, hybrid purchase/cash out transactions and oral disclosure requirements.