Comment Letter to the Department of Defense supporting expansion of...
This comment letter encourages the Department of Defense to expand the Military Lending Act (MLA) to ensure that service members and their families are protected from all forms of high-cost credit....
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Ensuring that service members have protections for all types of high-cost...
Many service members are young, face expensive situations where they must pick up and move at the drop of a hat, and may be stationed far from family and friends who could help them in times of need....
View ArticleWish the Consumer Financial Protection Bureau a happy third birthday
The CFPB was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act as the first federal financial regulator whose focus is protecting the rights of consumers.No matter who you...
View ArticleWoodstock Institute Calls on Illinois Members of Congress to Honor Veterans...
Payday lenders are the modern day equivalent of loan sharks, aggressively marketing unaffordable loans as a way to meet a one-time need. In truth, payday lenders know that borrowers cannot both repay...
View ArticleOp-Ed: Honor Veterans By Urging Congress to Reign in Payday Lenders (The...
Payday lenders are the modern day equivalent of loan sharks, aggressively marketing unaffordable loans as a way to meet a one-time need. In truth, payday lenders know that borrowers cannot both repay...
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Comment letter to the Department of Defense supporting regulations that close...
The Military Lending Act (MLA) sets a 36 percent rate cap on consumer credit for service members and authorizes the Department of Defense to define “consumer credit.” The existing definition is narrow...
View ArticleProposed MLA Rules Help Service Members Nationwide
Passed by Congress in 2007, the MLA was designed to ensure that military service members and their families have access to safe and affordable small dollar loans and credit. It set a 36 percent annual...
View ArticleCFPB Reports on Loopholes in Military Lending Act
CFPB notes that the current definitions of credit products in the DoD’s MLA rules are too narrow and leave many military servicemembers at risk; only three credit products are defined. CFPB’s report...
View ArticleDuckworth ensures new financial protections for servicemembers are not delayed
The Military Lending Act (MLA) protects servicemembers and their families from high-cost, predatory consumer credit products and caps annual percentage rates (APR) at 36 percent. Unfortunately, the...
View ArticleMilitary Lending Act rules release fitting act for anniversary of consumer...
While it was obvious to Holly Petraeus, Assistant Director for the Office of Servicemember Affairs, and others who visit areas near military bases that high-cost, predatory lenders were preying on...
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