Department Of Defense Military Lending Act Federal Register

In July 2015 the Department of Defense Department issued a final rule 1 the July 2015 Final Rule amending its regulation implementing the Military Lending Act MLA 2 primarily for the purpose of extending the protections of the MLA to a broader range of closed-end and open-end credit products rather than the limited credit products that had been defined as consumer credit. Acting CFPB Director Mick Mulvaneys claim that the Dodd-Frank Act does not give the bureau statutory authority to enforce the Military Lending Act is a major reversal from the Obama administration. This rule is the fifth of a sequence of six final rules published in the Federal Register to update the DoD Grant and Agreement Regulations DoDGARs.

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