Removing the Target Protecting Military Service Members and Veterans from Financial Predators
1 Pages Posted: 4 Nov 2009
Date Written: November 3, 2009
The new legislation attempting to prevent predatory lending to military service members went into effect in October 2007. While the new rules are a step in the right direction, regulations adopted by the Pentagon do not apply the new usury limit to either banks in general or credit cards in particular. It is unclear whether the thousands of payday lender locations doing business near the gates of military bases will close up shop, offer loans within the legal limit, or search for loopholes in the new regulations that would allow business as usual. For those who hope for civilized limits on commerce with service members and veterans, it remains to be seen whether Congress has succeeded in removing the target from the backs of our nation's military community.
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