Federal Regulation History

The Department of Defense (Department) is amending its interpretive rule for the Military Lending Act (the MLA). The MLA, as implemented by the Department, limits the military annual percentage rate (MAPR) that a creditor may charge to a maximum of 36 percent, requires certain disclosures, and provides other substantive consumer protections on ‘‘consumer credit’’ extended to Service members and their families.

The Department of Defense (Department) is interpreting its regulation implementing the Military Lending Act (the MLA). The MLA as implemented by the Department, limits the military annual percentage rate (MAPR) that a creditor may charge to a maximum of 36 percent, requires certain disclosures, and provides other substantive consumer protections on ‘‘consumer credit’’ extended to Service members and their families.

The Department of Defense (‘‘Department’’) amends its regulation that implements the Military Lending Act, herein referred to as the ‘‘MLA.’’ Among other protections for Service members and their families, the MLA limits the amount of interest that a creditor may charge on ‘‘consumer credit’’ to a maximum annual percentage rate of 36 percent. The Department amends its regulation primarily for the purpose of extending the protections of the MLA to a broader range of closed-end and open-end credit products.

NCUA is amending a number of its regulations to make minor technical corrections. The amendments update the regulations and make other grammatically necessary corrections. The amendments are intended to provide helpful changes to NCUA’s regulations.

OTS is amending its regulations at 12 CFR part 535 titled ‘‘Prohibited Consumer Credit Practices’’ to avoid duplication and inconsistency with the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the rules of the Board of Governors of the Federal Reserve implementing that statute.