AFSA Comments on Military Credit Monitoring
This week AFSA submitted comments to the Federal Trade Commission (FTC) on a proposed rule to implement the credit monitoring provisions that Congress passed as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act last year. The law requires nationwide consumer reporting agencies to provide free electronic credit monitoring service to active duty military consumers.
AFSA wrote that while it understands that the FTC wants to restrict “secondary” use and disclosure of information collected from active duty military consumers seeking to obtain free electronic credit monitoring service, “AFSA believes that the FTC should ensure that none of the restrictions prevent the study of the use of credit by members of the military.” Specifically, AFSA asked the FTC to: (1) ensure that its regulations would not prevent a study the effect the Military Lending Act regulations are having on credit availability, and (2) encourage the Department of Defense to conduct such a study.
January 8th, 2019 by Dan Bucherer