Military Lending Act: Examination Procedures, Interpretive Rule, and the FDIC'S Supervisory Expectations

In July 2015, the Department of Defense (DOD) issued a final rule amending the implementing regulations of the Military Lending Act of 2006 (MLA). The final rule expands specific protections provided to servicemembers and their dependents under the MLA and addresses a wider range of credit products than the DOD's previous regulation.

In August 2016, DOD published an interpretive rule in the Federal Register that provides guidance on certain questions received regarding compliance with the July 2015 Final Rule. The DOD issued its interpretive rule to inform the public of its views. The interpretive rule, comprised of 19 questions and answers, does not substantively change the regulation implementing the MLA, but rather merely states DOD's preexisting interpretation of an existing regulation.

The FDIC has released examination procedures that reflect the Department of Defense's (DOD) 2015 amendments to the implementing regulations of the Military Lending Act of 2006 (MLA).

See The Gold Book, Military Lending Act for details.