The CFPB and the Defense Department made significant changes to The Military Lending Act (MLA) regulation in 2018 and Creditors have learned important lessons about implementation and compliance. In addition, high profile court cases involving MLA and other related regulations (SCRA) have demonstrated the need for institutions to review their lending practices to ensure compliance with these regulations and the special needs of our active military and their families. Are you sure, you are in compliance with all of these requirements?
Military status customers are among the most loyal and reliable consumers financial institutions serve, but military personnel and their families often face financial challenges that may leave them feeling exploited while they are bravely serving their country at home and abroad. In its effort to protect members of the military services serving their country, the federal government has a number of laws and regulations governing lending to servicemembers. Civil and criminal penalties for violations can be severe.
This vital webinar is designed to inform and update lenders about these laws, regulations and obligations concerning military-related loans. We will break down the MLA changes and key lessons as well as discuss the changes related to auto lending expected in the near future.
Please join Coppelia Padgett as she leads you through the maze of laws and regulations that govern lending to servicemembers and helps you ensure that you meet the requirements with regard to servicemember loans.
WHAT YOU'LL LEARN
Just a sampling of what this webinar will cover:
- Requirements under The Military Lending Act of 2006 (MLA)
- The expanded definition of Credit & Lessons Learned
- Exemptions to the MLA and how the Safe Harbor provision applies
- Nuances with 36% Military Annual Percentage Rate (MAPR) cap
- Fees for credit-related ancillary products sold in connection with the credit transaction
- Requirements for finance charges associated with consumer credit
- Rules for credit cards
- Disclosure Requirements & Anti-arbitration and waiver requirements
- Remedies and penalties under the law including civil liability and administration enforcement
- Major provisions of the Servicemembers Civil Relief Act (SCRA)
- Military and other agencies that have personnel covered under these laws
- How and when you verify military status
- What the Servicemembers Civil Relief Act Centralized Verification Service (SCRACVS) is
- Batch or bulk military searches
- Handling foreign nationals under SCRA
- Complying with SCRA and MLA credit card regulations
- The Six Percent Rule
- AND MUCH MORE!
YOUR CONFERENCE LEADER
Your conference leader for “Lending to Servicemembers: Lessons Learned and New Change on the Horizon” is Coppelia Padgett. Ms. Padgett brings 25 years of financial institution experience covering numerous facets of financial institution operations. She began her career as a compliance specialist for the FDIC working primarily out of Los Angeles. She left the FDIC to found the Triac Company in 1992. This consulting firm grew to serve the compliance needs of hundreds of financial institutions in Los Angeles and around the United States. Ms. Padgett currently works as an independent contractor and subject matter expert for leading regulatory and risk management firms from around the country. She graduated magna cum laude from the University of Tulsa with a degree in economics.