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NAFCU President and CEO Dan Berger urged the Department of Defense on Wednesday to extend by 45 days the comment period on proposed changes to Military Lending Act rules on consumer credit rates and terms.

Noting the complexity and scope of the proposal, Berger said a 45-day extension "would allow credit unions much-needed additional time to review the provisions in the proposal … and analyze thoroughly the impact of such provisions on their current operations and plans for the future."

Comments are currently due to the DoD by Nov. 28.

The proposed DoD changes would amend the definition of "consumer credit" to more closely match the definition under the Truth in Lending Act, covering more credit products. The only credit products not covered by the proposed rule are residential mortgages and credit extended for secured personal property purchases or vehicle purchase loans secured by an interest in the vehicle.

As of now, MLA protections extend to closed-end payday loans for no more than $2,000 and with a term of 91 days or fewer, closed-end auto title loans with a term of 181 days or fewer, and closed-end tax refund anticipation loans.

NAFCU has worked extensively with DoD and CFPB on financial issues and rules affecting servicemembers, whom credit unions have a long history of serving.