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ABA develops checklist for Military Lending Act compliance purposes

The effective date for the changes made to the Military Lending Act proposed by the Department of Defense has passed. The ABA has put together a checklist to guide you through the compliance process and Compliance Alliance will be doing the same thing.

Regardless, this is information you should probably have for your compliance/lending team.  You'll likely have to follow these items on many of the loans in your bank to make sure that “covered” loans are accompanied by this list.  

It's not an easy read, and compliance issues (potentially) abound.  The problem is – as we've been saying – the rules now carry criminal penalties.

Click here for the checklist.

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