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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

Recent Posts

Credit Card Compliance: The Military Lending Act

The Military Lending Act (MLA) was created to protect active duty members of the military, their spouses, and their dependents from certain lending practices that could pose a risk and a possible threat to military readiness as well as affect the retention of military service members. Since the inception of the MLA in 2006, there have been a number of changes to the program’s rules and regulations. In 2015, the final rule was announced which involves expanding the types of credit products that are covered by the 36-percent rate cap and other military-specific protections covered under the MLA. These changes can have a major impact on financial institutions if they are not compliant to rules that affect this act and credit card accounts.

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Prepare for New HMDA Reporting Requirements

The deadline for expanded reporting requirements for the Home Mortgage Disclosure Act (HMDA) is coming soon, and it is important that your financial institution is prepared. More credit unions will have to report data to comply with this act and the data points will become more numerous. For some, the reporting will come every three months, instead of annually. So, it is important to know about this act, the new reporting requirements, and how it will affect your financial institution.

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