DEPARTMENT OF DEFENSE REQUEST FOR COMMENT: MCUL Comments on DOD Limitations on Terms of Consumer Credit Extended to Service Members and Dependents 

On Aug. 1, MCUL & Affiliates commented on the Department of Defense’s advanced notice of proposed rulemaking regarding enhancement of the protections that apply to consumer credit extended to members of the armed forces and their dependents. In the letter, MCUL supports the DoD’s efforts to eliminate predatory lending practices impacting service members and their families. MCUL encouraged the DoD to focus regulatory efforts specifically on those lenders who offer those types of predatory products, as opposed to credit unions that offer cost-effective products as alternatives, financial counseling and financial education to members, including service members and their families.

MCUL’s Comment Letter can be found here.


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