Veterans and Consumers Fair Credit Act (H.R. 5050)


Status: Ongoing (Introduced to House Financial Services Committee on November 12, 2019)


Our Position

DCUC supports legislation that seeks to protect consumers from predatory products and services. DCUC and its member defense credit unions have been on the forefront of implementing the Military Lending Act (MLA) regulations and have important knowledge of how this legislation works in the real world. DCUC will be cautioning any expansion of MLA regulations to help ensure that unintended consequences of the initial implementation are not repeated.



The Military Lending Act (MLA) was originally enacted in 2006 and implemented by the Department of Defense (DoD) in 2007. The MLA serves to protect active duty members of the military, their spouses, and their dependents (aka “covered borrowers”) from certain lending practices. These practices could pose risks for service members and their families and could pose a threat to military readiness and affect service member retention. The official language can be found in the “John Warner National Defense Authorization Act for Fiscal Year 2007” and is further promulgated in 10 U.S.C. § 987.

Initially, the MLA and its implementing regulation only applied to high-cost payday loans, vehicle title loans and refund anticipation loans involving covered borrowers.

Congress now seeks to expand these regulations to all U.S. consumers.


In the News - HR 5050

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Letters & Comments - HR 5050

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