WASHINGTON–NAFCU and CUNA have joined with several other financial trade groups to urge the Department of Defense to extend a Feb. 1 deadline for financial institutions to inform the Defense Manpower Data Center of their interest in utilizing the DMDC database for purposes of determining borrower status under DOD's Military Lending Act regulation.
The groups are asking the deadline to be extended to March 1.
“The additional time will allow more interested stakeholders to indicate whether they would like to connect directly to the DMDC database,” the groups said in their joint letter. “This will allow the DMDC to better measure the demand for direct access to allow it to allocate its resources and respond to the demand so that creditors can comply with the regulation and continue to provide consumer credit services to military personnel and their families.”
The complete copy of the letter can be found on CUToday.info in The Gov.