November 12, 2018

Corporate Compliance Insights publishes MLA article by Patty Covington and Erica Kramer

On November 12, Corporate Compliance Insights published Patty Covington and Erica Kramer's article entitled, "How the Military Lending Act Plagues the Finance Industry."

The Military Lending Act (MLA), enacted in 2006 by the Department of Defense (DOD), protects active duty military members, their spouses and their dependents from certain lending practices. Patty and Erica discuss how the DOD's amended interpretive rule of December 2017 had intended to clarify whether personal property and auto finance purchase money credit transactions were eligible for a stated exclusion under the MLA, but rather caused further confusion. Additionally, they question whether servicemembers were actually helped by a measure that was supposed to protect them.

Patty Covington is a partner in the firm's Richmond, Virginia office. She focuses on all areas of consumer financial services law, including auto finance, small installment lending, federal regulatory compliance, CFPB-readiness, privacy, data security and information management, electronic commerce, marketing, as well as matters involving the Federal Trade Commission and the Consumer Financial Protection Bureau.

Erica Kramer is an associate in the firm's Tennessee office. She focuses her practice on federal and state regulatory compliance for consumer lenders.

Click here to read the article.

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