Consumer Financial Protection Bureau Statement On Department Of Defense Military Lending Act Final Rule

WASHINGTON, D.C. –(ENEWSPF)–July 21, 2015.  Today, the U.S. Department of Defense issued a final rule expanding the types of credit products that are covered by the 36-percent rate cap and other military-specific protections under the Military Lending Act. The rule closes loopholes that have led to lenders skirting the law with products that fall outside the scope of the existing regulation.