DOD proposes regulations for consumer credit to service members

Bank News, June, 2007 by Anonymous

Consumer credit regulations have been proposed by the U.S. Department of Defense, implementing consumer protections covered by the John Warner National Defense Audiorization Act for Fiscal Year 2007. The proposed regulation is intended to regulate the terms of consumer credit extended by creditors to active duty service members and their dependents. The proposal was published in the Federal Register April 11 and requests comments by June 11.

Wayne Abernadiy, ABA executive director, financial institution policy and regulatory affairs, said, "This proposal represents a strong basis from which we can all work together to solve a complicated issue. The Defense Department has preserved the consensus we share - that bad practices should be stopped widiout harming military families...

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