Looming Military Lending Act Revisions Could Impact Auto Finance
The Defense Department is mulling a revision of the 2007 Military Lending Act regulations, and about one-fourth of the country’s senators recently signed a letter asking officials to widen the safeguards protecting service members and their families from predatory and deceptive lenders.
It’s too early to know exactly what revisions the DoD has in the works for the MLA, and though its current focus is on payday lending, I wouldn’t be surprised to see those changes impact auto lending, especially considering that auto loans (and mortgages) were excluded from the original law. I have to admit, their omission baffles me a bit. Why wouldn’t the DoD want to protect servicemen and women and their loved ones from being taken advantage of by auto or home lenders?
