United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2015_register executive 2015-07-21 article Part II Rules and Regulations D09002ee1c7f756ef D09002ee1c7f757b6 United States Department of Defense originator org United States Government Agency or Subagency United States Office of the Secretary originator org United States Government Agency or Subagency The Department of Defense ("Department") amends its regulation that implements the Military Lending Act, herein referred to as the "MLA." Among other protections for Service members and their families, the MLA limits the amount of interest that a creditor may charge on "consumer credit" to a maximum annual percentage rate of 36 percent. The Department amends its regulation primarily for the purpose of extending the protections of the MLA to a broader range of closed- end and open-end credit products. Among other amendments, the Department modifies the provisions relating to the optional mechanism a creditor could use when assessing whether a consumer is a "covered borrower," modifies the disclosures that a creditor must provide to a covered borrower, and implements the enforcement provisions of the MLA. 80 FR 43560 https://www.govinfo.gov/app/details/FR-2015-07-22/2015-17480 2015-17480 fr22jy15-11 RIN 0790-AJ10 5001-06-P DOD-2013-OS-0133 https://www.govinfo.gov/app/details/FR-2015-07-22/2015-17480 https://www.govinfo.gov/content/pkg/FR-2015-07-22/html/2015-17480.htm https://www.govinfo.gov/content/pkg/FR-2015-07-22/pdf/2015-17480.pdf Loan Programs Reporting and Recordkeeping Requirements Service Members 53 p. 43560 43612 80 FR 43560 Title 32 Part 232 32 CFR Part 232 RIN 0790-AJ10 Limitations on Terms of Consumer Credit Extended to Service Members and Dependents; Federal Register Vol. 80, Issue RULE 2015-17480 II DEPARTMENT OF DEFENSE Office of the Secretary 2015-10-01 2016-10-03 DOD-2013-OS-0133 5001-06-P 2015-17480 Final rule.

The Department of Defense ("Department") amends its regulation that implements the Military Lending Act, herein referred to as the "MLA." Among other protections for Service members and their families, the MLA limits the amount of interest that a creditor may charge on "consumer credit" to a maximum annual percentage rate of 36 percent. The Department amends its regulation primarily for the purpose of extending the protections of the MLA to a broader range of closed- end and open-end credit products. Among other amendments, the Department modifies the provisions relating to the optional mechanism a creditor could use when assessing whether a consumer is a "covered borrower," modifies the disclosures that a creditor must provide to a covered borrower, and implements the enforcement provisions of the MLA.

Effective Date: October 1, 2015. Compliance required by October 3, 2016. Marcus Beauregard, 571-372-5357. Loan Programs Reporting and Recordkeeping Requirements Service Members Limitations on Terms of Consumer Credit Extended to Service Members and Dependents , ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt http://b.3cdn.net/nmcrs/45f955f5204f8ca1df_mlbruu7ib.pdf http://data.bls.gov/cgi-bin/cpicalc.pl http://files.consumerfinance.gov/f/201304_cfpb_payday-dap-whitepaper.pdf http://researchcu.ncua.gov/Views/FindCreditUnions.aspx http://www.aerhq.org/dnn563/Portals/0/AERAnnualReport2012.pdf http://www.afas.org/file/documents/2012-Annual-Report.pdf http://www.bls.gov/oes/current/oes_nat.htm#23-0000 http://www.cgmahq.org/Financial/AnnualReports/2012.pdf http://www.consumerfed.org/pdfs/130725-policybrief-mla-cfa.pdf http://www.defense.gov/pubs/pdfs/Report_to_Congress_final.pdf http://www.dtic.mil/whs/directives/corres/pdf/134222p.pdf http://www.econ.ucdavis.edu/faculty/scarrell/payday.pdf http://www.militarysaves.org/in-the-newsroom/military-saves-week-reports http://www.ncua.gov/Legal/Documents/Reports/AR2013.pdf http://www.regulations.gov/#!docketDetail http://www.responsiblelending.org/state-of-lending/reports/7-Car-Title-Loans.pdf http://www.saveandinvest.org/MilitaryCenter/About/P124822 http://www.sec.gov/edgar/aboutedgar.htm http://www.whitehouse.gov/sites/default/files/omb/assets/omb/circulars/a004/a-4.pdf http://www2.fdic.gov/IDASP/ https://cdr.ffiec.gov/public/ https://creditcards.chase.com https://www.dmdc.osd.mil/mla/welcome.xhtml SaveandInvest.org www.jumpstart.org/assets/files/2008SurveyBook.pdf www.ncis.navy.mil/securitypolicy/PSAB/PSAB%20Activity%20Reports/CY11%20PSAB%20Activity%20Report.pdf www.seapowermagazine.org/archives/june/2006/double-whammy.html Vol. 80, no. 140 Office of the Federal Register, National Archives and Records Administration 2015-07-22 continuing daily deposited born digital 324 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2015-07-22 P0b002ee18d163979 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr22jy15 https://www.govinfo.gov/app/details/FR-2015-07-22 https://www.govinfo.gov/content/pkg/FR-2015-07-22/pdf/FR-2015-07-22.pdf https://www.govinfo.gov/content/pkg/FR-2015-07-22/xml/FR-2015-07-22.xml fdlp 43299 43612 DGPO 2015-07-21 2024-06-02 FR-2015-07-22 machine generated eng FR FR-2015-07-22 80 140