(Hammerin Man)

Protecting Military Servicemembers From Predatory Loans Is A National Security Issue

In recent years, we’ve written a number of stories about laws aimed at protecting active-duty servicemembers and their families from predatory loans and the businesses that try to take advantage of loopholes in these rules. Some readers have asked why members of our armed forces merit protections not available to civilians. But this isn’t about just doing something nice for our soldiers; it’s about removing a threat to national security. [More]

(Hammerin Man)

CFPB Urges DoD To Close Loopholes That Cost Military Personnel Millions Of Dollars

Nearly three months ago the Obama administration and the Department of Defense announced a proposed overhaul of the Military Lending Act that would aim to close loopholes regularly exploited by predatory lenders in order to sink their hooks into military borrowers. Now, a new report from the Consumer Financial Protection Bureau highlights just how devastating – and costly – those loopholes can be for servicemembers. [More]

(frankieleon)

22 States Ask Defense Dept. To Do More To Protect Servicemembers From Predatory Lenders

When the Military Lending Act was introduced in 2007, it aimed to prevent predatory lenders from gouging military personnel with exorbitant interest rates and mountains of fees. While those protections have proven to be successful in many ways, lenders have since learned how to work around specific limits of the law. Now, attorneys general from 22 states are asking the Department of Defense to do more to shield servicemembers from unscrupulous lenders. [More]

(Hammerin Man)

Defense Dept. Aims To Close Predatory Lending Loopholes For Military Personnel

While the Military Lending Act aims to protect military personnel and their families from predatory lenders’ often unsavory lending practices that include high interest rates and excessive fees, it still allows for clever lenders to get their hooks into borrowers. That’s why the Obama Administration and the Department of Defense announced a proposed overhaul of the rules – much to consumer advocates’ delight. [More]

Banks That Market To & Serve Military Also Tacking On Huge Fees

Banks That Market To & Serve Military Also Tacking On Huge Fees

One might assume that banks marketing to U.S. military servicemembers would not be out to nickel and dime these men and women with unnecessarily high fees on their accounts. But among those financial institutions levying the highest level of fees on its account-holders are several that not only market to the military but also have branches on military bases. [More]

(frankieleon)

Payday Lender To Pay $19 Million For Robo-Signed Collections & Overcharged Servicemembers

Last week, the Consumer Financial Protection Bureau took a big step toward reining in irresponsible, predatory lenders by taking its first enforcement action against a large payday loan operation accused of robo-signing court documents related to debt-collection lawsuits, illegally overcharging military servicemembers and their families, and trying to cover these actions up by destroying documents before the CFPB could investigate. [More]