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Archived

Changes to the Military Lending Act: An Update

by Zoot Marketing Team
| Published: August 5, 2016

The following blog post is intended for informational purposes only. Please note that this post has not been recently reviewed and should be considered for reference purposes only. Due to its age, it may also be missing links, images, or references that were present at the time of its original publication. We encourage readers to verify any information mentioned in this post with the latest available sources.

Archived Post

In June, ZootBlog provided important information regarding changes to the Military Lending Act (MLA). As promised, we’re providing the most recent updates to inform lenders as they prepare for the target compliance dates of October 3, 2016 and October 17, 2017 (credit card only).

There is good news to report on the MLA front:

  • All three national consumer reporting agencies (CRA’s)—Equifax, Experian and TransUnion—will be ready to offer a Department of Defense (DoD) lookup to determine covered MLA borrowers well in advance of the October 3, 2016 deadline.
  • Complete specifications on how to order a DoD lookup as part of a credit report request or as a standalone lookup have been published by the national consumer reporting agencies and seem relatively straightforward to implement.
  • Many lenders are heavily involved in gathering their requirements in anticipation of the October 3, 2016 deadline.

It has been encouraging to see the forward thinking approach and planning by the national CRA’s and lenders as the deadline for compliance nears.

Post Categories: Archived

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