The Ins and Outs of the Military Lending Act
Thursday, May 26th | 2 p.m. EST
Last year the Department of Defense issued the final rule of the Military Lending Act (MLA) which closed gaps and loopholes governing the extension of credit to our brave servicemembers and their dependents. With a compliance effective date just months away, join Temenos’ Chief Compliance Officer, Leah Hamilton, as she takes you through the rule and what you need to know in order to ensure compliance. Key highlights of this webinar include:
- How the new rule expands the definition of consumer credit and the types of loans subject to the MLA.
- The new prohibitions in extending credit to covered borrowers.
- New mandatory disclosures that must be provided during the origination process.
- The responsibility of the financial institution to verify covered borrower status, which is not as simple as obtaining a covered borrower statement.
This webinar is a great fit for anyone focused on compliance or lending within their organization.