Regulatory Alert Summary

Prepared by NASCUS Regulatory Affairs Department
Sept., 2016

Department of Defense’s Interpretive Guidance on Military Lending Act Limitations on Terms of Consumer Credit Extended to Service Members and Dependents

September 2016

NCUA’s regulatory alert provides credit unions information on the August 26, 2016, Department of Defense (DOD) Interpretive Guidance on issues related to the implementation of the Military Lending Act (MLA). Compliance with the revised MLA becomes effective
October 3, 2016 in general and October 3, 2017 for credit card accounts.

DOD’s guidance, in the form of question and answer, clarifies a number of issues related to the rule.

NCUA has previously issued 2 other Regulatory Alerts explaining the MLA regulation (Regulatory Alert 16-RA-04 and Regulatory Alert 15-RA-04). NCUA staff is developing examination procedures in connection with the Final Rule.