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February 22, 2018 - Industry News

Military Lending Act's December Update More Harmful Than First Thought

Robert Wilkie, Under Secretary of Defense for Personnel and Readiness.

A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.

Tags: auto finance, compliance, credit insurance, Department of Defense, GAP, Hudson Cook, Military Lending Act

January 23, 2018 - Industry News

Darwin Updates F&I Platform to Address Military Lending Act Rules

Darwin today announced a new update to its F&I sales platform designed to address the interpretive rule the Defense Department issued last month under the MLA.

Tags: compliance, credit insurance, Darwin Automotive, Department of Defense, GAP, Military Lending Act

December 20, 2017 - Industry News

UPDATED: Core F&I Product Could Put Some Auto Finance Deals Under Military Lending Act’s Requirements

Based on an interpretive rule issued by the Defense Department on Dec. 14, including credit-protection products like GAP in a servicemember’s vehicle finance contract could subject it to a slew of restrictions and requirements under the Military Lending Act (MLA).

Tags: compliance, credit insurance, Department of Defense, F&I products, GAP, Military Lending Act, National Automobile Dealers Association, servicemembers

July 21, 2015 - Industry News

Department of Defense Issues Final Military Lending Act Rule

Today, the Defense Department issued a final rule that expands the types of credit products covered by the 36% rate cap and other military-specific protections under the Military Lending Act.

Tags: CFPB, Consumer Financial Protection Bureau, Department of Defense, military, military loans

December 9, 2014 - Industry News

DOD Bans Military Allotments for Personal Property Purchases

Starting Jan. 1, active-duty troops will no longer be able to use military allotments to purchase or lease vehicles, among other things. The policy change was made in response to enforcement actions brought by the CFPB.

Tags: Consumer Financial Protection Bureau, Department of Defense, military

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