WASHINGTON—NAFCU has released a collection of compliance resources regarding recent changes to Military Lending Act (MLA) rules – including NAFCU’s Final Rule report, webcasts and blog posts – to assist credit unions in meeting their growing MLA regulatory compliance responsibilities.
“The Military Lending Act presents complex operational and compliance challenges for credit unions,” said NAFCU Director of Regulatory Compliance Brandy Bruyere. “Knowing which products are covered by the MLA and what contract terms are prohibited will be important for credit unions as the Oct. 3 compliance deadline draws closer.”
NAFCU’s MLA compliance resources also include an MLA scope-and-applicability chart, MLA compliance guide and a list of frequently asked questions regarding MLA rules and regulations.
Credit unions that were not covered under previous MLA requirements must develop rigorous MLA compliance policies and procedures before the majority of the changes are implemented on Oct. 3, 2016, NACU stated.
The MLA resources are available to NAFCU members only.