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NCUA Issues Letter to CUs about MLA Compliance Exam
Thursday, October 6, 2016 6:30 AM

The National Credit Union Administration this week issued a Letter to Credit Unions (2016-CU-07) to announce its examination approach for the amended regulation implementing the Military Lending Act (MLA). Most provisions of the revised regulation became effective Monday, Oct. 3.

NCUA announced its intentions to take the same examination approach used with the Consumer Federal Protection Bureau's TILA-RESPA Integrated Disclosure rule in 2015 and the Qualified Mortgage and Ability-to-Repay rules in 2014.

NCUA examiners were instructed to accept a credit union's reasonable and good faith effort to comply with the new rule during the first examination cycle following the MLA compliance effective date.