Monterrubio urges 1-year extension for MLA credit card compliance

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU Director of Regulatory Affairs Alexander Monterrubio on Tuesday highlighted a number of credit card-specific Military Lending Act issues and urged the Defense Department to provide a one-year extension, to at least Oct. 3, 2018, to the rule’s credit card compliance deadline.Unlike other consumer credit products, credit cards have multi-dimensional pricing structures which include various fees and periodic rates, as well as other features such as rewards and benefits that must be taken into consideration when updating core systems and policies to bring them into compliance with the MLA rule.“As the implementation deadline for all other covered loans draws near, our members continue to grapple with the challenges of the rule as it applies to products that have pricing structures far less complicated than traditional, mainstream credit card accounts,” Monterrubio wrote. “Credit unions expect the process for credit cards to be even more unwieldy.” continue reading »last_img read more