U.S. Department of Defense: Final Rule Puts More Teeth Into Military Lending Act
July 21, 2015
The Defense Department today closed loopholes to protect U.S. men and women in uniform from predatory lending practices, President Barack Obama said this morning at the 116th Veterans of Foreign Wars National Convention in Pittsburgh, Pennsylvania.
The heightened level of financial and consumer-rights protection against unscrupulous practices, called the final rule of the Military Lending Act, covers all forms of payday loans, vehicle title loans, refund anticipation loans, deposit advance loans, installment loans, unsecured open-end lines of credit and credit cards, DoD officials explained. “We’re going to keep fighting to give our troops and veterans a chance to enjoy the American freedom you helped defend,” the president told the veterans.
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