Military Lending Act (MLA) NCUA Q&A – Identify a First-Time Borrower That is a Dependent

Compliance > Lending > Service Members > Military Lending Act
Q:  How can my credit union identify a first-time borrower who may be a dependent and therefore a covered borrower?
 
A:   Okay.  So, the DMDC MLA database contains the names of all those who are on active duty as well as those that are covered dependents for MLA purposes.  As we discussed earlier, your credit union can access the database via the Internet and make individual inquiries pretty quickly.  And hopefully, the consumer reporting agencies will soon provide an alternative method via a standard credit report.  
 
 
 
 
ADDITIONAL INFORMATION – This Q&A was included in the NCUA’s June 2016 webinar entitled “Preparing to Comply with Regulatory Changes under the Military Lending Act.”  To listen to the audio and view the slides, interested parties may find that information here:  https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=1186523&sessionid=1&key=72023B4705907CDD0D194100B89E5D11&sourcepage=register
 

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