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GAO-15-801R 1 (2015-08-11)

handle is hein.gao/gaobadrjr0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-327241 August 11, 2015 The Honorable Johnny Isakson Chairman The Honorable Richard Blumenthal Ranking Member Committee on Veterans' Affairs United States Senate The Honorable Jeff Miller Chairman The Honorable Corrine Brown Ranking Member Committee on Veterans' Affairs House of Representatives Subject: Department of Defense, Office of the Secretary: Limitations on Terms of Consumer Credit Extended to Service Members and Dependents Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Defense (DOD), Office of the Secretary entitled Limitations on Terms of Consumer Credit Extended to Service Members and Dependents (RIN: 0790-AJ10). We received the rule on July 27, 2015. It was published in the Federal Register as a final rule on July 22, 2015. 80 Fed. Reg. 43,560. The final rule amends the regulation that implements the Military Lending Act (MLA). DOD states that among other protections for Service members and their families, MLA limits the amount of interest that a creditor may charge on consumer credit to a maximum annual percentage rate of 36 percent. This rule extends the protections of MLA to a broader range of closed-end and open-end credit products. Among other amendments, this rule modifies the provisions relating to the optional mechanism a creditor could use when assessing whether a consumer is a covered borrower, modifies the disclosures that a creditor must provide to a covered borrower, and implements the enforcement provisions of MLA. Enclosed is our assessment of DOD's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that DOD complied with the applicable requirements. GAO-1 5-801 R

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