The CFPB has released their updated exam procedures to align with the requirements of the amended Military Lending Act. The Military Lending Act was amended in July 2015 to provide further protections to service members and their families when they are acquiring certain types of credit. Most Creditors are expected to comply with the new regulations by October 3, 2016 and most credit card companies are expected to comply by October 3, 2017. The CFPB will begin to evaluate financial institutions’ implementation plans to address the new requirements of the Military Lending Act as early as October.
You can read more about the Military Lending Act and the CFPB’s updated exam requirements here:
