DoD: No MLA extension for credit cards ‘at this time’

first_img continue reading » 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Department of Defense informed NAFCU in a letter that, at this time, it would not delay its Oct. 3 implementation date for credit card compliance under the Military Lending Act rule.The letter was signed by Virginia Penrod, chief of staff in the Office of the Undersecretary of Defense. She notes in the letter that she has been delegated the authority to act on behalf of the DoD; to date, there are no political appointees named to this office.She was responding to a letter sent to the DoD in March from NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. The MLA rule took effect last October, but it included a one-year limited exemption for credit cards. In her letter, Hunt pointed to a need for more clarity in the rule and urged an immediate extension of the credit card account compliance deadline.last_img read more