[Federal Register: December 27, 2007 (Volume 72, Number 247)]
[Notices]
[Page 73336-73337]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27de07-38]
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DEPARTMENT OF DEFENSE
Office of the Secretary
[DOD-2006-0S-0216]
Implementation of Limitations on Terms of Consumer Credit
Extended to Service Members and Dependents
AGENCY: Department of Defense.
ACTION: Notice with request for comments.
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SUMMARY: The Department of Defense is preparing to draft a report to
Congress and invites public comments and suggestions. An Item of
Special Interest in the Senate Report 110-077 accompanying the National
Defense Authorization Act for Fiscal Year 2008 (FY 2008 NDAA), requests
the Department of Defense to report on the implementation of
limitations on terms of consumer credit extended to Service members and
dependents. The guidance from the Senate Armed Services Committee on
drafting the report can be found at Senate Report 110-077, at pages
355-356, accompanying the FY 2008 NDAA.
DATES: Comments must be received by February 25, 2008.
ADDRESSES: You may submit comments, identified by docket number and/or
RIN number and title, by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Mail: Federal Docket Management System Office, 1160
Defense Pentagon, Washington, DC 20301-1160.
[[Page 73337]]
Instructions: All submissions received must include the agency name
and docket number or Regulatory Information Number (RIN) for this
Federal Register document. The general policy for comments and other
submissions from members of the public is to make these submissions
available for public viewing on the Internet at http://www.regulations.gov
as they are received without change, including any
personal identifiers or contact information.
FOR FURTHER INFORMATION CONTACT: Mr. Marcus Beauregard, (703) 588-0952.
SUPPLEMENTARY INFORMATION: To help develop this report, the Department
of Defense is seeking comments from the public about the potential
negative impact of certain consumer loan products on Service members.
Please indicate whether the following products, which are not currently
regulated by 32 CFR 232.3, negatively impact Service members to the
degree that the Department of Defense should regulate them. If
regulation is needed, please provide proposed solutions. These products
are:
Installment loans, not covered in the definitions of
credit in 32 CFR 232.3. These installment loans may include excessive
fees and interest rates, loan flipping, and regular inclusion of high
cost ancillary credit insurance products.
Credit cards that are characterized by minimal available
credit coupled with high fees.
Fee-based, high-cost, courtesy overdraft products.
Additionally, the Department of Defense is seeking comments from
the public on the implementation of 32 CFR part 232, specifically
issues concerning:
Disclosure requirements and identification of the covered
borrower as required by 32 CFR 232.5 and 232.6.
Implementation of alternative small-dollar credit products
and recommended changes that can facilitate producing and delivering
these products to Service members and their dependents.
Oversight and enforcement of the regulation with respect
to Internet-based lenders offering credit covered by the definitions in
32 CFR 232.3.
Methods for the Department of Defense to use in monitoring
enforcement of the rule. The Department of Defense has the authority to
make regulatory changes and to recommend statutory change. The
Department of Defense seeks input on potential changes for
consideration.
L.M. Bynum,
OSD Federal Register Liaison Officer, Department of Defense.
[FR Doc. E7-25119 Filed 12-26-07; 8:45 am]
BILLING CODE 5001-06-P