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CUNA Updates MLA Fee Comparison Spreadsheet

The Credit Union National Association (CUNA) has updated its Military Lending Act (MLA) fee comparison spreadsheet for the first quarter of 2019.  This resource can be found in CUNA’s e-Guide, MLA topic under “Resources.”  Note: Your username and password for CUNA’s website are required. 

CUNA developed the spreadsheet to help credit unions determine which fees are considered “reasonable and bona fide” under the MLA.  Under the MLA, a credit union may exclude a bona fide credit card fee from the Military Annual Percentage Rate (MAPR) if the fee is considered “reasonable.”

Charges that can be excluded generally include charges such as cash advance fees, foreign transaction fees, balance transfer fees, transaction fees for purchases and minimum interest charges.

The exclusion does not apply to fees or premiums for credit insurance, fees for a debt cancellation contract, fees for a debt suspension agreement, or fees for a credit related ancillary product.  Those fees must be included in the calculation of the MAPR. 

For general information regarding the MLA, see CUNA’s In-Depth Review in the e-Guide, MLA topic.  Note:  Your username and password for CUNA’s website are required.

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