Which two laws must Credit Unions comply with to ensure their policies are up to date?

The correct answer highlights the Service members Civil Relief Act (SCRA) and the Military Lending Act (MLA) as essential laws that credit unions must comply with to ensure their policies are current and in alignment with legal requirements.

The SCRA provides protections for military service members, ensuring they are treated fairly when it comes to credit transactions, such as preventing foreclosures and offering interest rate reductions. This act recognizes the unique challenges faced by service members and aims to protect their financial interests while they fulfill their duties.

The MLA specifically addresses the lending practices related to active-duty military personnel and their dependents, placing restrictions on interest rates, fees, and the terms of consumer loans to safeguard them against predatory lending practices. Compliance with the MLA ensures credit unions offer fair terms to military members and their families, reflecting a sensitivity to their financial situations.

By adhering to both the SCRA and the MLA, credit unions are not only fulfilling legal obligations but also demonstrating a commitment to ethical lending practices and supporting the financial well-being of service members. This focus contributes to building trust within the communities they serve and ensures they provide appropriate resources to those who serve the nation.