Last week, the Department of Defense (DOD) issued a final rule modifying regulations set forth in the Military Lending Act (MLA). Passed by Congress in 2006, the MLA was created to protect active duty service members and their families from elevated interest rates in credit transactions, limiting the Military Annual Percentage Rate (MAPR) to 36 percent. The rule provides additional protections to military members from numerous credit products that the existing regulations do not address. Continue reading →