ARLINGTON, Va.—NAFCU is supporting passage in the House of the National Defense Authorization Act, with an amendment that would require a study of the impact on the proposed Defense Manpower Data Center database before the implementation of proposed Military Lending Act rule changes.
NAFCU Military Liaison Quincy Enoch applauded the bill’s passage saying, “We thank Representatives Denny Heck (D-WA) and Steve Stivers (R-OH) for their leadership in introducing this critical amendment. NAFCU has always had serious concerns about the database and its impact on credit unions and credit union members.”
DoD’s proposed MLA rule changes, released last year, would require all creditors to use the database to check the potential active-duty military status of every person submitting a credit application under the proposed rule changes.