ARLINGTON, Va.–NASCUS and member regulators met with the Department of Defense via teleconference yesterday to discuss the issues surrounding implementation of the recently approved final regulation curbing predatory lending to the military.
During the call, DoD recognized that the bulk of the enforcement would fall on state regulators' shoulders and the department intended to work closely with them, according to NASCUS' Web site (www.nascus.org). One idea discussed was developing a model written agreement between DoD and the agencies to outline the responsibilities of each and tailored to the state.
The regulators also talked about creating an examination tool to help both regulators and the institutions.
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The DoD added that it will update Congress by April 1, 2008 on the progress, NASCUS said.
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