Feds strengthen enforcement protecting troops from predatory lenders

[struggle4progress]

Karen Jowers

... the Consumer Financial Protection Bureau announced Wednesday it will restart its examinations of lenders to enforce the Military Lending Act.

The announcement reverses a 2018 decision made by CFPB leadership during the Trump administration to stop these examinations of lenders’ records to monitor for possible violations of the Military Lending Act, citing CFPB leadership’s belief they didn’t have the authority to do so under law.

Among other things, the Military Lending Act limits the annual percentage rate on many loans to active-duty military and their dependents to 36 percent, including application fees and certain other fees in the calculation. Generally, most loans’ APR would be less than 36 percent, but loans with even higher interest rates — sometimes topping 300 percent — are still available in the civilian community from payday lenders, for example.

Lenders must check to make sure the borrower is not covered by the Military Lending Act before making the high-interest loan ...

https://www.militarytimes.com/pay-benefits/mil-money/2021/06/16/reversing-trump-era-decision-feds-strengthen-enforcement-of-rules-protecting-troops-from-predatory-lenders/

[keithbvadu2]

1. No one could expect Trump to protect our servicemen/women whom he considers losers and suckers.

No one could expect Trump to protect our servicemen/women whom he considers losers and suckers.