Complying with the Final Military Lending Act Rule
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Complying with the Final Military Lending Act Rule (MLC863E)
Get a Better Understanding of the Department of Defense Military Lending Act Rule
Join this session, where expert speaker Leonard N. Chanin will discuss what is required to be done in order to meet the requirements of the Department of Defense Military Lending Act (MLA) rule. This session will help you understand the issues that the MLA rule raises and will guide you on what your institution is required to do to comply.
Which loan products are covered by the MLA Rule?
Which borrowers are covered under the Rule?
How to use the “safe harbor” to determine borrower coverage?
Which disclosure you must provide and when?
The substantive limitations on making loans to covered borrowers
How to calculate the newly created military annual percentage rate?
What the compliance and liability risks are under the Rule?
Leonard Chanin is Of Counsel in the Financial Services group at Morrison & Foerster LLP. A recognized expert in the field of consumer financial protection with extensive experience in regulation and supervision of the myriad statutes affecting retail banking, Mr. Chanin counsels financial instit...
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