As of October 3, 2016, the Military Lending Act (MLA) expanded its coverage to credit unions. This is the first time that the MLA has applied to credit unions. Are you in compliance? Don’t confuse the MLA with the Servicemembers Civil Relief Act; they have completely different requirements. The penalties for a violation of the Military Lending Act are severe – damages of not less than $500 per violation, plus punitive damages and attorney fees. This webinar will explain everything that needs to be done to comply with the MLA. You’ll also learn the differences between the Military Lending Act and the Servicemembers Civil Relief Act to ensure compliance with both.
Recorded Tuesday, February 14, 2017
Continuing Education: Attendance verification for CE credits upon request
- Which MLA requirements apply to your financial institution?
- Which servicemembers and dependents are covered by the MLA?
- What are the required disclosures and when must they be given?
- How to qualify for the safe harbor provisions
- Difference between the MLA and the SCRA
- TAKE-AWAY TOOLKIT
- Model form of MLA required disclosures
- NCUA Military Lending Act Examination Approach
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for all lending staff, including loan officers, loan operations employees, credit administration personnel, managers, collectors, compliance officers, and attorneys.
PLEASE NOTE: Webinar content is subject to copyright and intended for your individual financial institution’s use only.