The Military Lending Act: What You Need to Know

Webinar Date: 
May 22, 2013
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In 2006, Congress passed the Military Lending Act (MLA) to establish a thirty-six percent interest rate cap for loans made to active duty service members and their dependents. As implemented by rules adopted by the Department of Defense in 2007, the rate cap only applies to certain forms of payday loans, title loans, and tax refund anticipation loans. In 2012, Congress required that the Department of Defense study the high-cost credit market to determine if the existing credit product definitions are leaving service members at risk from the triple-digit interest rates and abusive terms and conditions that Congress sought to eliminate when it passed the MLA.


Tom Feltner, Director of Financial Services at the Consumer Federation of America will discuss the loopholes in the Military Lending Act that threaten the financial security of service members and their dependents, provide an overview of the high-cost credit market and how some lenders continue to target service members, and provide an update on the status of the Department of Defense report.


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