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Michigan Credit Union League

MCUL Letter to DoD Outlines Confusion Created by Latest Military Lending Act Interpretation

On Dec. 14, 2017 the Department of Defense (DoD) issued a long awaited interpretive statement intended to clarify sections of the Military Lending Act (MLA). Unfortunately, the newly issued statement brought even more confusion and concern for Michigan credit unions already struggling with the regulatory burden imposed by the MLA. As a result of concerns brought up by a number of credit unions, MCUL has written a letter to the DoD requesting they rescind and rewrite portions of the most recent guidance issued on Dec. 14, 2017.

If left uncorrected, the DoD will have injected more unnecessary cost and confusion into MLA compliance efforts by credit unions.

The letter can be downloaded here.

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2018-02-01 00:00:00