[Federal Register Volume 72, Number 247 (Thursday, December 27, 2007)]
[Notices]
[Pages 73336-73337]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-25119]


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DEPARTMENT OF DEFENSE

Office of the Secretary

[DOD-2006-0S-0216]


Implementation of Limitations on Terms of Consumer Credit 
Extended to Service Members and Dependents

AGENCY: Department of Defense.

ACTION: Notice with request for comments.

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SUMMARY: The Department of Defense is preparing to draft a report to 
Congress and invites public comments and suggestions. An Item of 
Special Interest in the Senate Report 110-077 accompanying the National 
Defense Authorization Act for Fiscal Year 2008 (FY 2008 NDAA), requests 
the Department of Defense to report on the implementation of 
limitations on terms of consumer credit extended to Service members and 
dependents. The guidance from the Senate Armed Services Committee on 
drafting the report can be found at Senate Report 110-077, at pages 
355-356, accompanying the FY 2008 NDAA.

DATES: Comments must be received by February 25, 2008.

ADDRESSES: You may submit comments, identified by docket number and/or 
RIN number and title, by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Mail: Federal Docket Management System Office, 1160 
Defense Pentagon, Washington, DC 20301-1160.

[[Page 73337]]

    Instructions: All submissions received must include the agency name 
and docket number or Regulatory Information Number (RIN) for this 
Federal Register document. The general policy for comments and other 
submissions from members of the public is to make these submissions 
available for public viewing on the Internet at http://www.regulations.gov as they are received without change, including any 
personal identifiers or contact information.

FOR FURTHER INFORMATION CONTACT: Mr. Marcus Beauregard, (703) 588-0952.

SUPPLEMENTARY INFORMATION: To help develop this report, the Department 
of Defense is seeking comments from the public about the potential 
negative impact of certain consumer loan products on Service members. 
Please indicate whether the following products, which are not currently 
regulated by 32 CFR 232.3, negatively impact Service members to the 
degree that the Department of Defense should regulate them. If 
regulation is needed, please provide proposed solutions. These products 
are:
     Installment loans, not covered in the definitions of 
credit in 32 CFR 232.3. These installment loans may include excessive 
fees and interest rates, loan flipping, and regular inclusion of high 
cost ancillary credit insurance products.
     Credit cards that are characterized by minimal available 
credit coupled with high fees.
     Fee-based, high-cost, courtesy overdraft products.
    Additionally, the Department of Defense is seeking comments from 
the public on the implementation of 32 CFR part 232, specifically 
issues concerning:
     Disclosure requirements and identification of the covered 
borrower as required by 32 CFR 232.5 and 232.6.
     Implementation of alternative small-dollar credit products 
and recommended changes that can facilitate producing and delivering 
these products to Service members and their dependents.
     Oversight and enforcement of the regulation with respect 
to Internet-based lenders offering credit covered by the definitions in 
32 CFR 232.3.
     Methods for the Department of Defense to use in monitoring 
enforcement of the rule. The Department of Defense has the authority to 
make regulatory changes and to recommend statutory change. The 
Department of Defense seeks input on potential changes for 
consideration.

L.M. Bynum,
OSD Federal Register Liaison Officer, Department of Defense.
 [FR Doc. E7-25119 Filed 12-26-07; 8:45 am]
BILLING CODE 5001-06-P