The federal Consumer Financial Protection Bureau has proposed rules to crack down on the predatory loan practices of payday lenders that ensnare thousands of service members and their families in spiraling debt. Under the new rules, "lenders making short-term loans would be required to check upfront whether the borrower can afford to pay the full amount of the payment when it comes due, without needing to re-borrow," said Richard Cordray, the agency's director. "Specifically, lenders would need to verify the borrower's income, borrowing history, and certain key obligations," Cordray said at a hearing in Kansas City with victims of payday loan rollovers at interest rates that can top 390 percent. For more details, see this Military.com article.
Going After Payday Lenders Who Prey on Troops
Current issue of the Military Report
- VA Won't Ramp Up Security After Rash of Suicides on Premises. Here's Why.
- Military Exchanges Tune Out TV News Due to 'Divisive Political Nature'
- Lawmaker Renews Push to Get Vietnam-Era Airman Medal of Honor
- VA Looks to Create Artificial Organs, Even Bones, With 3D Printing
- Is SGLI Enough? $100k Coverage from Just $7 a Month
- The Coast Guard Is Giving Away 4 Historic Florida Keys Lighthouses
- Army Launches Registry for Troops, Families with Housing-Related Health Issues
- Join City National Bank and Let Your Military Experience Shine
- Airmen Face Challenges Buying New OCP Uniforms
- Rates Are Rising: Use Your $0 Down VA Loan Benefit Now
- Shanahan Launches New Task Force on Military Sexual Assault
- Eliminate Out of Pocket Costs with a Tricare Supplement
- Commissary's Spring Sidewalk Program Offers Savings
- Incentives Aim to Reduce Pilot Attrition
- Damaged USS Fitzgerald Leaves Dry Dock After 15 Months of Repairs
- Dolphins from the USS Thresher Passed On
- Army May Add More Security Measures to Online Systems
- Oldest Military Units Conduct Joint Muster
- Soldiers Save 4 After Plane Crash
- Soldiers in South Korea Awarded for Fighting Fire
- Marine Diversity Office Changes Name