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Wisconsin Credit Union Foundation

Military Lending Act & SCRA: Compliance & Lessons Learned

This program will identify both the protections afforded to active duty servicemembers on existing loans under the SCRA, as well as the MLA’s compliance requirements for new loans made to active duty servicemembers.

Location


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Type of Event
On Demand Webinar

Who Should Attend
  • On Demand
  • Webinars
  • Lenders
  • Compliance

Purchase

Description

An important fair lending component that is often overlooked is how to properly extend credit to active duty servicemembers. Two federal laws govern these requirements: the Servicemember’s Civil Relief Act (SCRA) and the Military Lending Act (MLA). This program will identify both the protections afforded to active duty servicemembers on existing loans under the SCRA, as well as the MLA’s compliance requirements for new loans made to active duty servicemembers.

Learning Objectives

  • Maximum rate of interest on existing extensions of credit under the SCRA
  • Foreclosure protections under the SCRA and how these were affected by the Economic Growth, Regulatory Relief, and Consumer Protection Act
  • Enforcement actions against financial institutions for SCRA violations
  • How to properly calculate the Military Annual Percentage Rate (MAPR) under the MLA
  • Additional disclosure requirements for new credit extended to active duty servicemembers
  • MLA loan product restrictions and limitations

Speaker

Michael Christians, JD, Michael Christians Consulting, LLC

Investment

$259.00