FFIEC Industry Outreach Military Lending Act Compliance
November 21, 2016 / Source: FRS
Thursday, December 1, 2016
Times: 12:00 p.m. – 1:00 p.m. Pacific
1:00 p.m. – 2:00 p.m. Mountain
2:00 p.m. – 3:00 p.m. Central
3:00 p.m. – 4:00 p.m. Eastern
The Federal Financial Institutions Examination Council (FFIEC) is offering an Industry Outreach event sponsored by the FFIEC Task Force on Consumer Compliance. Information regarding the event and the registration link is provided below.
The Military Lending Act (MLA), enacted in 2006 and implemented by the Department of Defense (DoD), protects active duty members of the military, their spouses, and other covered dependents from certain lending practices. These practices could pose risks for servicemembers and their families, and could pose a threat to military readiness and affect servicemember retention. In July 2015, the DoD revised the MLA rule, amending it to cover a wider range of products and altering a number of the old regulation’s key provisions. This webinar will cover the history and recent updates to the MLA regulation, focusing particularly on the amended regulation’s scope, its optional safe harbor processes, the cost of credit limitations (including the calculation of the Military Annual Percentage Rate, or “MAPR”), and other required disclosures and limitations.
Please click on the URL or copy and paste it into your browser to register:
The FFIEC Industry Outreach is an alternative delivery program that provides timely updates on changes in supervisory guidance or regulations and information on current issues in the financial industry. The target audience for FFIEC Industry Outreach programs is representatives from financial institutions, trade associations, third-party providers and consultants. Federal and state financial institution examiners are also welcome to participate in FFIEC Industry Outreach programs.
Disclaimer: Use of these materials by participants, including video and audio recording of this presentation, is strictly prohibited except by written permission of the FFIEC or its members. The views expressed in this presentation are individual views, intended for informational purposes, and are not formal opinions of, nor binding on, the FFIEC or its members.