New Challenges for Financial Institutions
The Department of Defense recently issued the final Military Lending Act (MLA) rule. The final rule dramatically extends the range of protected consumer credit to a host of open-end and closed-end consumer credit products that are codified in Regulation Z. Now, with compliance required by October 3, 2016, creditors are faced with challenges the extensive expansion of coverage bring.
In the article Consumer Compliance: Final Military Lending Act Rule, Navigant experts explain what the MLA rule means to creditors and the specific challenges it introduces. The article also discusses the importance for creditors to start evaluating their compliance programs and data infrastructures now and outlines practical steps for creditors to consider when preparing for the October 2016 deadline.