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The Department of Defense informed NAFCU and other trades that it will not delay its implementation date for credit card compliance under the Military Lending Act, which goes into effect today, but said guidance is in the works.

The letter was signed by Virginia Penrod, chief of staff in the Office of the Undersecretary of Defense. She notes in the letter that she has been delegated the authority to act on behalf of the DoD; to date, there are no political appointees named to this office.

She was responding to a joint trade letter sent to the DoD in June from NAFCU, the American Bankers Association, the American Financial Service Association, the Association of Military Banks of America, the Consumer Bankers Association, CUNA and the Independent Community Bankers of America.

In her letter, she says the DoD is "presently working" on guidance to clarify a number of items highlighted by NAFCU and the trades. She noted that other areas of concern in the joint letter were sent to other federal agencies that could better respond to the issues.

NAFCU has met with representatives from the DoD numerous times on credit union-specific issues and concerns about MLA compliance. The association also sent a letter in May with recommended guidance text. The association will continue to push for more clarity in the form of guidance or revisions to the regulatory text for the industry.

NAFCU has a host of MLA resources available here.