Regulatory Alerts2016-09-29
Added · Updated
Revised Interagency Military Lending Act Examination Procedures
The Board of Governors of the Federal Reserve System issued CA 16-6 to update interagency examination procedures for the Military Lending Act. This guidance incorporates amendments by the U.S. Department of Defense that extend MLA protections to a broader range of consumer credit products, including credit cards, and enforce a 36 percent Military Annual Percentage Rate cap. The revised procedures supersede CA 08-4 and establish compliance deadlines of October 3, 2016, for most credit and October 3, 2017, for credit card accounts.
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