Posts Tagged ‘Military Lending Act’

Obama Admin Seeks to Expand MLA, Reduce Predatory Lending

By K&S on October 16th, 2014 | No Comments

Posted in: Debt Collectors, Fair Debt Collection
Tags: CFPB, Consumer Financial Protection Bureau, Military Lending Act, MLA, Payday Loans

The Obama Administration and the U.S. Department of Defense (DoD) are aiming to curtail predatory lending practices by expanding the protections offered to active service members and their families. These actions are intended to broaden the Military Lending Act (MLA), crushing loopholes in current statutes by allowing it to cover all forms of payday, refund…

Lenders Target Naive Military with Usurious Payday Loans

By K&S on May 17th, 2013 | No Comments

Posted in: Debt Harassment, Debt Scams
Tags: interest rates, military, Military Lending Act, Payday Loans

Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge high annual percentage rates, sometimes exceeding 400 percent. The Military Lending Act sought to protect service members and their families from predatory loans. But in practice, the…