New Military Lending Act Requirements

Last July, the Department of Defense published a final rule to amend and dramatically expand the scope of the Military Lending Act (MLA). First enacted in 2007, the MLA was designed to provide specific protections for active duty service members and their dependents in consumer credit transactions. The MLA initially applied to three specific “consumer credit” products: payday loans, vehicle title loans, and tax refund anticipation loans.

Proposed changes to higher-priced mortgage loan exemption threshold

changes to higher-priced mortgage loan exemptionThe CFPB, along with the OCC and Federal Reserve, published a proposed rule and request for public comment in the Federal Register regarding the Appraisals for Higher-Priced Mortgage Loan Exemption Threshold. The agencies published proposed rules amending the official interpretations for regulations implementing section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” which are termed “higher-priced mortgage loans” or “HPMLs.”