In July 2015, the Department of Defense issued a final rule amending the Military Lending Act’s (MLA) protections. Though the rule took effect October 1, 2015, it did not require immediate action by financial institutions. However, this final rule outlined two specific dates on which MLA’s protections will become effective: October 3, 2016 (consumer loan products with the exception of credit cards) and October 3, 2017 (credit cards).

The CFPB is adjusting two dollar amounts that are used in the “points and fees” trigger for coverage under HOEPA for calendar year 2017. The two dollar amounts are (1) the loan amount threshold (changing from $20,350 to $20,579), and (2) the total points and fees amount (changing from $1,017 to $1,029). All of our core products have been updated to include these new amounts, ensuring that your organization is compliant with the new year’s values.

Misys provides the broadest, deepest portfolio of financial services software on the market. The company’s vision is to transform the global financial services industry by making financial institutions more resilient, more efficient and more competitive. Their solutions cover retail and corporate banking, lending, treasury, capital markets, investment management and enterprise risk. With more than 2,000 customers across 130 countries, their team of domain experts and partners has an unparalleled ability to address industry requirements at both a global and local level.

Applied Data Finance is a fast growing online consumer lender. The company’s mission is to help deserving people borrow at a reasonable rate – even if they don’t qualify for a bank loan. ADF’s founders knew the challenge wasn’t risky customers. It was going beyond the limited data and old methods most lenders use to measure risk. ADF discovered how, through advanced data science and proprietary credit analysis. The result is a superior loan product with billion-dollar market potential. ADF’s first consumer brand, Personify Financial, extends credit at responsible, risk-appropriate rates. Fair, transparent, and easy to understand loans. Mission accomplished.

Keeping our products current with changing market needs, and supporting our customers fully, are what our partners expect and require of us. Therefore, these two requirements are most important to our development team. Many enhancements, whether requested by our partners or required by changing market needs, are deemed to be of such sweeping applicability that we call them “General Enhancements”. Other requests of more limited interest we simply call “Client Specific Enhancements”.