Staff Analysis of Military Lending Act Final Rule (7/28/2015) The Department of Defense on July 22, 2015 released its
final amendments to the Military Lending Act. While the DOD addressed many of
ABA’s concerns, significant concerns remain. Among other restrictions, the
final rule limits the “military” APR (an all-in APR) to 36 percent on consumer
loans (except for mortgage and purchase money loans) made to Service members
and their dependents. In addition, at minimum, banks will have to identify the
military status of all applicants of “covered loans.” ABA members must login to
access the document. For questions, contact ABA's Nessa Feddis or Rob Rowe.
GAO: Further Study Needed in QM and QRM Regulations (7/27/15)
The Consumer Financial Protection Bureau (Bureau), the Department of Housing and Urban Development (HUD), and six agencies should conduct further study and analysis of the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations to identify if the mortgage reforms will be effective in helping consumers as intended, according to a recent study by the U.S. Government Accountability Office (GAO).