Mon, Sep 19, 2016
On August 26, 2016, the Department of Defense issued Interpretive Guidance on issues related to the 2015 amendments to the regulation implementing the Military Lending Act.
The regulation affects most non-mortgage related consumer credit a lender extends to active duty service members and their dependents. Credit unions must comply with most of the regulatory changes starting October 3, 2016. Compliance with changes related to credit card accounts begins October 3, 2017. View Regulatory Alert 16-RA-06 here.