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.
