The Times has the story under the headline Tougher Shield for Soldiers Against Predatory Lenders. The proposed regulation closes loopholes like these described in the Times story:
The law set a 36 percent interest rate cap on a range of high-cost loan products. But the protections applied to a narrow sliver of loans, covering only loans for up to $2,000 that lasted for 91 days or fewer. It also covered auto-title loans with terms no longer than 181 days. To get around the restrictions, some lenders simply altered their products to evade the restrictions. Some offered loans for just over $2,001, or for periods that were just over 181 days.
