November 15, 2016
Learn how to comply with expanded MLA coverage to avoid violations
BROOKFIELD, Wis. — OnCourse Learning is offering a new Military Lending Act course geared toward informing bank and credit union employees about the expanded MLA and helping institutions mitigate risk to their businesses for non-compliance.
“As of Oct. 3, 2016, financial institutions were required to be compliant with the July 2015 Final Rule that expanded the breadth of coverage to a broader range of closed-end and open-end credit products,” said Jeff Kelly, vice president of governance, risk & compliance at OnCourse Learning. “Our new MLA course provides education for staff and peace of mind for business compliance officers who know staff has been effectively trained on the new requirements.”
The course topics include the following:
- Understanding general requirements of the MLA.
- Determining covered borrowers, such as military borrowers, who include active service duty members and their dependents.
- Identifying covered transactions, such as:
- non-mortgage related consumer
- open-end
- closed-end
- credit transactions.
- Verifying whether covered borrowers qualify.
- Realizing limitations and restrictions set by the MLA.
- Understanding possible penalties and civil enforcement to mitigate risk.
To learn more, visit the OnCourse Learning new Military Lending Act course.
According to the Washington State, Office of the Attorney General website, the MLA requires that certain types of consumer credit include definite protections when offered to active duty service members and their dependents. The website states, “Under the law:
- Lenders are prohibited from securing the loan by holding a check or car title, or by obtaining access to a bank account.
- A clear description of payment obligations and other disclosures must be provided.
- Mandatory arbitration clauses and waivers of legal rights may not be included as loan terms.
- Interest rates and most fees are capped at an annual percentage rate (APR) of 36%.”
OnCourse Learning Financial Services is a leading provider of governance, risk and compliance training for the bank, mortgage, credit union, gaming and nonbank financial services industries. It offers a comprehensive course catalog complemented by its sophisticated learning management system. To learn more, please contact 866-512-9888, visit OnCourseLearning.com/Financial-Services or follow us on Facebook and Twitter.
For media inquiries, contact:
Deborah Filipek, Media Relations Manager
847-908-8017
About OnCourse Learning
OnCourse Learning delivers licensure, regulatory and compliance education solutions throughout the nation’s leading industries including financial services, healthcare and real estate. Through trusted industry expertise, compliance management and technology solutions, OnCourse Learning focuses on advancing the e-learning environment for individuals and businesses to help to build new careers, empower employees through knowledge and identify efficiencies in corporate training management. OnCourse Learning offers a full suite of educational products including state and federally approved prelicensing and continuing education programs, accredited course content, exam prep tools, publications, e-books, events and a sophisticated and customizable learning management system and course-authoring tool. To learn more, visit OnCourseLearning.com.