Yesterday, the House Armed Services Committee removed language from the draft Fiscal Year 2016 National Defense Authorization Act that would have delayed the finalization of rules proposed by the Department of Defense that would expand the types of credit subject to the Military Lending Act. As we have previously discussed, the proposal faces strong criticism from the financial services industry.
Having cleared this hurdle, we expect final rules to be released later this year, after the Department of Defense completes its review of the comment letters submitted in response to the proposed rule.