Department of Defense December 5, 2006 – Federal Register Recent Federal Regulation Documents

The Department of Defense is preparing to draft new consumer protection rules. Public Law 109-364, the John Warner National Defense Authorization Act for Fiscal Year 2007, Sec. 670, ``Limitations on Terms of Consumer Credit Extended to Service Members and Dependents,'' (October 17, 2006), created 10 U.S.C. 987 and requires the Secretary of Defense to prescribe regulations to implement the protections covered by the law. The Department of Defense views this requirement as an opportunity to ensure the protections included in the statute do not create unintended limitations on Service members and their families obtaining favorable credit products. Submitted comments and recommendations will be carefully considered as the regulation is being drafted. An opportunity to review the proposed regulation will be provided during a subsequent period for public comment.