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MLA Checks on All New Loans

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I'm new to the compliance world and brand new to this institution. I just received an external audit from a consulting firm that cited multiple MLA findings for obtaining applicant's MLA status for an exempt transaction (vehicle purchases). Our credit reports include the MLA check automatically. Are those legitimate findings? Do we need to turn off the MLA check that's part of the credit report?

First published on 02/18/2024

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