The New Military Lending Act (MLA) Regulations: Compliance Risks And Challenges
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The DOD recently issued new regulations implementing the Military Lending Act (MLA) that will have a major impact on financial institutions.
For the first time special financial protections for military borrowers will be applied to credit products issued and serviced by many banks and credit unions, including credit cards, certain student and auto loans, features of some deposit products, and other installment loans. The new regulations limit the terms of credit for military borrowers, including capping the interest rate, and also require institutions provide additional financial disclosures.
This webinar will familiarize you with the MLA requirements of most concern to lenders. Also, analyze potential compliance challenges and risks created by the new regulations, focusing on implementation, and will discuss the MLA's relationship to other servicemember laws.
Understanding these requirements and challenges is critical in light of the close attention that regulators, including the Consumer Financial Protection Bureau (CFPB), have paid to military borrowers in recent years.
Overview of MLA Requirements
Determining MLA Eligibility
- Covered Products
- Covered Borrowers
- Military APR (Interest Rate) Limitation
- Required Disclosures
- Prohibited Contract Terms
Calculating the Military APR
- Safe Harbor
- MLA Database/Covered Borrower Searches
- Potential Challenges
Penalties for Noncompliance
- Military APR Calculation
- Bona Fide and Reasonable Fees
- Potential Challenges
Relationship to Other Servicemember Laws
- Regulator Enforcement
- Private Suits
- Criminal Sanctions
- Servicemembers' Civil Relief Act (SCRA)
MLA Best Practices
- Focus on Military Borrowers
- Lessons Learned From SCRA
About The Presenters
- Compliance Recommendations and Best Practices
- Partner in Financial Institutions and Securities Litigation & Enforcement groups at Wilmer Cutler Pickering Hale and Dorr LLP
- Practice focuses on representing financial institutions in connection with investigations regarding consumer protection laws, unfair and deceptive trade practices, and federal securities laws; regularly appears before the SEC, FINRA, and the Consumer Financial Protection Bureau
- Regularly represents and advises financial institutions in Military Lending Act, Servicemembers’ Civil Relief Act, and other military borrower-related compliance issues
- Prior to working at WilmerHale, he served on the staff of the Securities and Exchange Commission (SEC) for 10 years, ultimately as Assistant Director, Division of Enforcement
- Prior to his work at the SEC, he was a litigation associate at Dickstein, Shapiro, Morin & Oshinsky, LLP, where he focused on complex insurance coverage litigation
- Gradate, University of Chicago Law School and Swarthmore College
- Senior associate in the Financial Institutions and Government Regulatory Litigation groups at Wilmer Cutler Pickering Hale and Dorr LLP
- Practice is focused on supervisory and enforcement matters before financial regulators, including issues related to unsafe and unsound banking practices, unfair, deceptive, or abusive acts or practices, and military borrowers
- Regularly advises financial institutions in Military Lending Act, Servicemembers’ Civil Relief Act, and other military borrower-related issues
- Graduate, Columbia Law School and Colgate University
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