Links in “Military”
- Hold the Phone! The Deadline for the Defense Database is Monday?
Beginning Oct. 3, 2016, lenders must determine the military status of all their applicants for many forms of consumer credit. One way to do this is through queries to the Defense Manpower Data Center website. The deadline for expressing an interest in direct access to the database is Feb. 1, 2016. That's Monday, folks. Financial institutions didn't even hear about the option until Jan. 12, 2016. Several trade groups are requesting an extension on the connectivity option to March 1, 2016. [1/28/16]
- SCRA Foreclosure Ban Reverts to 90 Days
The Servicemembers Civil Relief Actâs one-year extended protection period from foreclosure for returning servicemembers expired on December 31, 2015. This means that the protection period has reverted back to the statutory 90-day protection period. Efforts are continuing to renew the longer extension period. [1/21/16]
- Act Now to Have Access to the MLA Database
Credit unions can access the Defense Manpower Data Center (DMDC) to identify borrowers who are covered under the Military Lending Act (MLA). However, credit unions that want to be able to access this database beginning in February must contact the MLA help desk no later than Feb. 1st as the number of users is limited. [1/19/16]
