New rule to protect service members from predatory lenders

The Hill reports today:

President Obama on Tuesday will unveil new rules designed to protect service members and their families from predatory lenders.

In his speech to the Veterans of Foreign Wars convention in Pittsburgh, the president will detail how the Defense Department is broadening the scope of the Military Lending Act (MLA).

The law, which Congress passed in 2006 to help protect active-duty personnel from predatory lending practices, capped rates at 36 percent and applied other protections to payday loans.The new rule expands the type of loans covered by law, including car and installment loans, as well as certain types of credit cards ….

The full story is here.

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