Lawmakers urge DoD to exempt CUs from MLA changes

first_imgRep. Paul Cook, R-Calif., along with several fellow representatives, sent a letter Wednesday to the Department of Defense urging the department to exempt credit unions from the July 2015 amendments to the Military Lending Act.“It has come to my attention that the July 2015 amendments have caused numerous financial institutions to eliminate products and services, many of which have been relied on by servicemembers and their families,” the letter states. “Of great concern, I have heard from credit unions that they are being forced to cut back on, or eliminate, products that help find solutions for credit for servicemembers and their families that may have few, or much worse, other options.”The letter acknowledges that while the MLA changes “have proven effective in broadening the scope of products and services targeted by … lenders, it has also had the unintended effect of creating barriers for good actors seeking to serve the military with highly regulated and safe products and services. Particularly, I am concerned about the unintended consequences on the thousands of credit unions, serving 110 million consumers including servicemembers.” continue reading » 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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