NAFCU Compliance Blog talks generic MLA oral disclosures

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Department of Defense’s interpretative guidance released last week on its Military Lending Act changes clarifies that oral disclosures can be made in a variety of ways, including generically, writes Senior Regulatory Compliance Counsel Elizabeth LaBerge in today’s NAFCU Compliance Blog post.Under the MLA requirements, credit unions are required to provide oral disclosures in addition to written ones. LaBerge notes the confusion regarding the requirements that oral disclosures provide a clear description of the payment obligation of the covered borrower.DoD’s recently released interpretative rule clarifies that “reading all of the member’s account-opening disclosures does satisfy the rule, but it is not the only way to comply,” LaBerge notes.She adds that creditors can also “orally provide a clear description of the payment of the covered borrower by providing a general description of how the payment obligation is calculated or a description of what the borrower’s payment obligation would be based on an estimate of the amount the borrower may borrow.” continue reading »last_img read more

Teen critically injured; adult male dead in Belle Glade shooting

first_imgThe Palm Beach County Sheriff’s Department is currently investigating a shooting that left one man dead and a 14-year-old boy in critical condition.The incident was reported along Runyon Village on Thursday night.Authorities say they arrived on the scene to find the adult male dead inside of a home, and the teen suffering from gunshot wounds across the street.The teen was rushed to an area hospital where he is said to be in critical condition.Authorities say they do not have a suspect or a motive behind the shooting.If you have any information about this incident, you are asked to call Crime Stoppers at 800-458-TIPS.Tips leading to an arrest will be eligible for an award.last_img