Newsroom

March 08, 2017

NAFCU hosts regulators, CUs for MLA talk

NAFCU today will host representatives from the Defense Department, the CFPB, the NCUA, credit unions and other industry groups to discuss credit union questions and concerns about Military Lending Act compliance.

Participants from NAFCU include Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Vice President of Regulatory Compliance Brandy Bruyere and Director of Regulatory Affairs Alexander Monterrubio. Representatives from 10 credit unions will attend the meeting, as well as representatives from CUNA, the Defense Credit Union Council and the Military Officers Association of America.

Today's opening discussion will focus on a range of issues of concern to credit unions under the MLA requirements. Among these are the calculation of the military annual percentage rate (MAPR), exceptions for purchase money loans, oral disclosures, the MLA's relationship to Regulation Z and concerns about credit card account compliance, including the upcoming Oct. 3 deadline. An open discussion with the regulators and stakeholders will follow.

Bruyere recently advocated for an extension of the credit card compliance deadline due to the issue's complexity in a CUInsight editorial. A NAFCU compendium of MLA resources is available here.