The American Financial Services Association (AFSA) has announced the submission of comments to the Department of Defense (DoD) concerning the Military Lending Act (MLA) information collection notice. The association claims that certain interpretations by the DoD have complicated access to credit options for service members and their families, which are typically available to the general public.
According to AFSA’s website, the association has been engaged with MLA issues for several years, keeping track of regulatory developments impacting credit availability for military personnel and their dependents. The letter emphasizes that some DoD interpretations of MLA regulations pose challenges for military consumers in accessing credit.
AFSA’s submission specifically points out that current MLA regulations restrict access to popular forms of credit generally accessible to the public. It notes that although these rules are well-intentioned, they may inadvertently limit credit options for service members.
As reported by Targeted News Service, AFSA’s letter also criticizes how the DoD handles the MLA and calls for increased collaboration. The association suggests that current interpretations have negatively impacted service members and their families and underscores the need for ongoing dialogue with the Department of Defense.
AFSA represents providers of consumer credit, including installment loans, vehicle financing, and payment card products. Its Federal Government Affairs Department routinely submits comment letters to federal agencies to influence policy and safeguard access to consumer credit.
