A group of bipartisan House members is asking the Department of Defense to exempt credit unions and other highly regulated financial institutions from Military Lending Act rules issued in recent years.
In the letter, the six lawmakers, led by Rep. Paul Cooke (R-Calif.) said that the rules, issued as a result of an updated MLA are leading "good actors" to stop offering services to servicemembers.
The House members specifically mentioned new credit card rules that are scheduled to become effective next month. Since the DoD has not issued guidance on how financial institutions can comply with the regulations, the rules should be delayed, they said.
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