Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Tag Archives: Department of Defense

Military Lending Act: It Applies to More Products Than You Think

Posted in Compliance Resources, Trending News
We first posted an article about proposed amendments to the Military Lending Act (MLA) on December 30, 2014. Ultimately, the Department of Defense (DoD) amended its regulation effective October 1, 2015, and extended the MLA’s application to a wide range of closed-end and open-end credit products and to broad classes of creditors as originally proposed.… Continue Reading

Proposed Expansion of Military Lending Act Protections Would Increase Burden on Banks and Credit Unions

Posted in CFPB, Regulatory Developments
In a previous blog post, we noted that the Department of Defense (DOD) has proposed expanding the scope of Military Lending Act (MLA) protections to service members and their dependents on all payday loans, vehicle title loans, refund anticipation loans, deposit advance loans, installment loans, unsecured open-ended lines of credit, and credit cards. In 2007,… Continue Reading

Department of Defense Coordinates with CFPB to Expand Military Lending Act Protections

Posted in CFPB, Regulatory Developments
On September 29, 2014, the Department of Defense (DOD) published a proposed rule amending the Military Lending Act, which expands the scope of the Military Lending Act Protections. The CFPB appeared to be taking a strong role in developing the DOD’s proposal by issuing a press release of its own supporting the DOD’s actions. The proposal would… Continue Reading