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#790662 - 08/07/07 06:08 PM John Warner National Defense Act
Dragon Slayer Offline
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Dragon Slayer
Joined: May 2004
Posts: 48
I am trying to figure out when this becomes effective. I know the proposal says October 1. That is coming up soon.

Are bank's planning to stop offering certain products to military personnel? Do credit cards meet the definition of consumer credit? If anyone is willing to share what they have done to prepare to comply with this or comment, I would really appreciate it.

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#790698 - 08/07/07 06:27 PM Re: John Warner National Defense Act Dragon Slayer
ToTo Offline
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Joined: Apr 2004
Posts: 595
OZ
I think we're all holding our breaths waiting for the DOD to publish the final regulations.

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#790871 - 08/07/07 08:59 PM Re: John Warner National Defense Act Dragon Slayer
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,068
Toano, VA
10/1 is a statutory effective date, so with or without a regulation, new software, new forms, and staff training the law will go into effect. Anyone who cares about their reputation and CRA rating will think twice about discontinuing loans to military personnel and their dependents.

This isn't going to be pretty.
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#791024 - 08/08/07 01:51 PM Re: John Warner National Defense Act Dragon Slayer
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,228
Far from Calif
What the DOD Proposal said was that it would be limited to the following types of closed-end credit products:

-Payday Loans
-Car Title Loans
-Tax Refund Anticipation Loans

Will be interesting to see the final outcome. BOL has a good article on this topic here: BOL Proposal Article
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#791025 - 08/08/07 01:52 PM Re: John Warner National Defense Act Richard Insley
Dragon Slayer Offline
Junior Member
Dragon Slayer
Joined: May 2004
Posts: 48
Thanks for the comments. I had not seen anything yet from the various newsletters that I recieve. I guess based on Richard's comments we need to start preparing to comply with this even if the regulations are not final. October is just around the corner.

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