The Department of Defense (DOD) issued a final rule amending the implementing regulations of the Military Lending Act of 2006 (MLA). The final rule expands specific protections provided to service members and their families under the MLA and addresses a wider range of credit products than the DOD's previous regulation. FDIC-supervised institutions and other creditors must comply with the rule for new covered transactions beginning October 3, 2016. This course will discuss how the how the Military Lending Act final rule will impact policies and procedures at your financial institution.
This course includes an examination.
- Explain how the MLA final rule defines consumer credit
- Ensure bank policies and procedures services are in compliance with the modifications the Final Rule makes to the MLA, specifically the modifications to disclosure and roll-over rules
- Understand and explain the protections the MLA final rule provides to service members and their dependents
- Ensure bank policies and procedures are not in violation of the prohibitions set forth in the MLA final rule
- Overview and definitions
- Covered borrowers