Military Lending Act: Why More Time is Needed
Several industry trade groups are seeking a six-month extension of the date that banks and credit unions must comply with the Military Lending Act final rule. The rule lacks guidance on how to interpret and comply with several requirements, the agencies have yet to publish their examination procedures, and that the credit bureaus are unlikely to be able to provide military status info to banks and credit unions until much to close to the implementation date, leaving financial institutions too little time to train staff and vendors. Other than that, though, the Oct. 3 effective date would be great. [9/2/16]
