Military Lending Act Database Registration Deadline Extended
After receiving feedback from credit unions, CU trade associations and other groups, the Defense Manpower Data Center has extended the deadline for credit unions to register for direct access to an important Military Lending Act database.
The new Military Lending Act regulations, which became effective in October 2015, require lenders, including credit unions, to determine military status of applicants for covered credit. There is a compliance safe harbor for lenders who check that status using a Department of Defense database or a nationwide credit reporting agency.
If your credit union intends to access the military database, you only have until Monday, February 15 (previously Feb. 1), to email the Department of Defense at email@example.com to advise the DOD of their interest in direct access to the database.
Michigan credit unions with questions about the database can contact Sarah Stevenson, MCUL's senior regulatory and legislative affairs specialist.Go to main navigation