Wolters Kluwer Provides Guidance on Military Lending Act Compliance
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  • Wolters Kluwer Provides Guidance on Military Lending Act Compliance

    June 06, 2016

    New webinar focuses on addressing the top MLA challenges and pitfalls before mandatory compliance date

    Final amendments to the Military Lending Act (MLA) will have a significant impact on consumer lending. The MLA seeks to protect both active duty servicemembers and their families from predatory lending, and recently, the U.S. Department of Defense amended the rules to significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products.

    Although compliance is not mandatory until Oct. 3, 2016, Wolters Kluwer is encouraging financial institutions to engage in early employee education and planning for a seamless transition. Wolters Kluwer today announced that two of its leading regulatory compliance consultants, Mark J. Miller and Sue Burt, will host a webinar to discuss how this new rule will affect institutions’ lending operations. The webinar, “Military Lending Act Amendment: Expanded Protections for Expanded Consumer Transactions” is being offered in three, live sessions:

    • Wednesday, June 8, 2016 at 1:00-2:15 p.m. CDT
    • Tuesday, June 28, 2016 at 1:00-2:15 p.m. CDT
    • Thursday, July 21, 2016 at 1:00-2:15 p.m. CDT

    During the 75-minute webinar, experts will focus on the top MLA compliance challenges and pitfalls, including:

    • What types of transactions are covered
    • How and when to identify a “covered borrower”
    • How to provide written and oral disclosures
    • What fees are included in the Military Annual Percentage Rate (MAPR)
    • Other practical compliance considerations

    “As U.S. soldiers continue to face demands in the call to protect our country, the amended MLA rule provides them with an extra measure of protection against any financial threat,” said Miller. “This webinar will also provide financial institutions with an extra measure of protection as they learn strategies and best practices for creating accountability when it comes achieving MLA compliance.”

    To register for the webinar, please visit our website.

    About Wolters Kluwer Governance, Risk & Compliance

    Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments. The division’s prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, BizFilings®, Capital Changes, CASH Suite™, CT Corporation, CT Lien Solutions, Corsearch, GainsKeeper®, LegalVIEW®, OneSumX®, Passport®, TyMetrix® 360, Uniform Forms™, VMP® Mortgage Solutions and Wiz®.

    Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2015 annual revenues of €4.2 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.