Complying with the Final Military Lending Act Rule

Duration: 90 Minutes
In July 2015, the Department of Defense (DoD) issued a final rule (Rule) to implement the Military Lending Act (MLA). In addition, the DoD issued an interpretive rule on August 26, 2016. The Rule is complex and leaves many compliance and operational issues unanswered. Financial institutions must comply with these rules by October 3, 2016. The penalties for failing to comply are significant and can result in a loan contract being 'void.'
Final Military Lending Act Rule
Instructor: Leonard N. Chanin
Product ID: 501896
Objectives of the Presentation
  • Which loan products are covered by the MLA Rule?
  • Which borrowers are covered under the Rule?
  • How to use the 'safe harbor' to determine borrower coverage?
  • Which disclosures you must provide and when?
  • The substantive limitations on making loans to covered borrowers
  • How to calculate the newly created Military Annual Percentage Rate?
  • What the compliance and liability risks are under the Rule?
Why Should you Attend
This session with expert speaker Leonard N. Chanin will help you understand what you need to do to meet the requirements of the Rule. After this session, you will understand the issues raised by the MLA Rule and what your institution needs to do to comply.

Who will Benefit
  • Retail bankers and other lenders
  • In-house legal counsel
  • Compliance officers
$300
Recorded Session for one participant
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Instructor Profile:
Leonard Chanin is the Of Counsel in the Financial Services group at Morrison & Foerster LLP. A recognized expert in the field of consumer financial protection with extensive experience in regulation and supervision of the myriad statutes affecting retail banking, Mr. Chanin counsels financial institutions on consumer financial services law issues.

Before rejoining Morrison & Foerster, Mr. Chanin served as the Assistant Director of the Office of Regulations of the Consumer Financial Protection Bureau. There, he headed the agency's rulemaking team by supervising nearly 40 lawyers responsible for promulgating rules and regulations implementing consumer financial protection legislation. Prior to joining the CFPB, Mr. Chanin served as Deputy Director of the Division of Consumer and Community Affairs at the Federal Reserve Board. During his tenure at the Federal Reserve Board, Mr. Chanin provided legal opinions and policy recommendations to the Board and the Division on federal consumer financial services laws, negotiated rules and policies with the other federal banking agencies and provided legal views on enforcement actions against state member banks. Mr. Chanin is a fellow of the American College of Consumer Financial Services Lawyers.
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