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NAFCU senior government affairs staff led a discussion about the Military Lending Act held Thursday to raise credit union-specific issues and concerns about compliance for regulators attending.

NAFCU hosted representatives from the Defense Department, CFPB, NCUA, credit unions and other industry groups for the discussion. Credit union representatives were able to voice operational concerns and ask questions about specific compliance issues facing the industry.

"We had a very productive discussion, and we appreciate everyone from the Defense Department, NCUA and the CFPB for taking the time to meet with our members about such an important topic," said Executive Vice President of Government Affairs and General Counsel Carrie Hunt. "It was a substantive conversation that highlighted our shared goals for ensuring high-quality financial services and products remain available to the servicemembers who protect us.

"NAFCU continues to advocate for an immediate extension of the MLA compliance deadline for credit card accounts," Hunt continued. "That request and our other concerns were acknowledged, and we look forward to further productive cooperation with the Defense Department and other regulators to achieve our goals."

Brandy Bruyere with representatives from regulatory agencies, credit unions and other industry stakeholders (NAFCU photo).

NAFCU wants the MLA credit-card rules compliance deadline, currently set for Oct. 3, to be extended for a full year, which is an authority the Defense Department reserved for itself in the MLA final rule. The association also delivered its formal written requests for an extension to the regulators detailing member concerns on the topic.

Vice President of Regulatory Compliance Brandy Bruyere and Director of Regulatory Affairs Alexander Monterrubio also attended the meeting. Representatives from 8 credit unions were at the meeting, as well as representatives from CUNA, the Defense Credit Union Council and the Military Officers Association of America.