The Military Lending Act goes into effect October 3, 2016.
The Department of Defense significantly expanded the scope of the Military Lending Act (MLA) last year. It broadened the definition of customer credit. It included a “safe harbor” from liability for lenders who verify MLA status of applicants.
While the DOD was responsible for implementing the rule, enforcement will be led by the CFPB.
Compliance with the rules for credit cards is delayed until Oct. 3, 2017.
Under the new DOD rule, lenders will have to check each credit applicant to confirm that they are not a service member, spouse, or the dependent of a service member, through a nationwide CRA or the DOD’s own database, known as the DMDC.
Learn about these details and much more from our eCash Software experts, Jennifer Tabb and Brad Tompkins. And, from FactorTrust, Bill Colstad, Product Manager, will add important insights. You will also get a chance to ask your questions on MLA and how it affects your business.
eCash Software has partnered with FactorTrust to automate the required verification.
FactorTrust is an integrated partner of eCash Software.
You can’t wait – this requirement for every loan origination begins in October. Sign up today!