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The September issue of NAFCU's Compliance Monitor is now available and reviews the Department of Defense's final rule amending regulations under the Military Lending Act and how it expands the scope of the current regulations.

This rule goes into effect Oct. 1, but NAFCU Director of Compliance Brandy Bruyere, notes that the rule only applies to consumer credit "consummated or established" on or after Oct. 3, 2016 and does not apply to credit card accounts until Oct. 3, 2017. DoD's rule expands current MLA regulations by subjecting a broader array of consumer credit products to the regulation's 36 percent "all-in" interest rate ceiling. The rule also has disclosure requirements, such as providing borrowers with the Military Annual Percentage Rate and prohibiting mandatory arbitration clauses.

This month's Compliance Monitor also discusses the interagency rule on flood insurance reforms, with a specific focus on NCUA's new rule. NAFCU Regulatory Compliance Counsel Victoria Daka explains the four main amendments to the agency's regulations regarding loans in areas having special flood hazards.

NAFCU's Regulatory Compliance Seminar, Nov. 3-6 in San Antonio, Texas, is also mentioned in the September Monitor. Topics to be discussed at the conference include: TILA/RESPA, fraud on new accounts, data and cybersecurity, and the Fair Credit Reporting Act.