Trade groups ask Defense Dept. to rescind MLA interpretation on GAP insurance coverage funding

Trade groups ask Defense Dept. to rescind MLA interpretation on GAP insurance coverage funding

Four trade teams have actually delivered letters into the Department of Defense (DoD) asking the DoD to rescind or withdraw Question and Answer no. 2 (Q&A 2) from the 2016 interpretative guideline when it comes to Military Lending Act last guideline (MLA Rule) as well as its December 2017 amendments to your interpretive guideline. One page ended up being delivered by the National …

CFPB to be involved in interagency MLA webinar

On December 1, 2016, the FDIC will co-host an interagency webinar that may give attention to Military Lending Act laws additionally the Department of Defense’s recently-released rule that is interpretive.

As well as a CFPB agent, one other webinar individuals will contain representatives associated with FDIC, OCC, and Federal Reserve.

CFPB issues snapshot of servicemember complaints

The CFPB has released a“snapshot that is new of complaints.” The report states that at the time of 2015, the CFPB had received about 2,500 complaints from servicemembers, veterans and their dependents about high-cost consumer credit november. These complaints had been submitted under two complaint categories: the “payday loan” category or beneath the “debt collection” category …

Defense Department significantly expands range of Military Lending Act

The Department of Defense (DoD) significantly expanded the range associated with the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s applying regulation. The DoD consulted using the CFPB in developing the Rule that is final the CFPB actively supported the DoD’s intends to expand MLA protection.

MLA protection was previously …

Proposed MLA expansion cleared to maneuver ahead

Yesterday, the home Armed solutions Committee eliminated language through the draft Fiscal 12 months 2016 nationwide Defense Authorization Act that will have delayed the finalization of guidelines proposed by the Department of Defense that will expand the sorts of credit at the mercy of the Military Lending Act. » Read more: Trade groups ask Defense Dept. to rescind MLA interpretation on GAP insurance coverage funding

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