3-15-13
FRA, Consumer Groups Discuss Military Predatory Lending
Protections
FRA, the Consumer Finance
Protection Bureau (CFPB) Office of Service Members Affairs, and a number
of consumer groups met this week with Department of Defense (DoD)
officials to discuss recently enacted improvements to the Military
Lending Act (MLA). Provisions of the FY 2013 National Defense
Authorization Act (NDAA – H.R. 4310 - P. L. 112-239) direct the
Department of Defense (DoD) to conduct a new study
of credit products and practices that harm military borrowers, confer
with consumer advocacy groups regarding the study, and promulgate a
regulation in 2013 to implement changes in the law. FRA and others in the meeting
urged DoD to include more clearly delineated definitions of payday and
car title loans in the regulation to address existing loopholes in
current protections.
| military, lending, predatory, loans, car, payday, |
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