Republicans Try To Strip Predatory Lending Protections For American Troops, Again
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WASHINGTON -- House Republicans are again attacking measures aimed at protecting U.S. troops from predatory lending practices, two weeks after a similarGOP effort failed.
WASHINGTON -- House Republicans are again attacking measures aimed at protecting U.S. troops from predatory lending practices, two weeks after a similarGOP effort failed.
The military has been grappling with the financial impact of predatory lending on service members for years. In 2006, Congress passed legislation cracking down on some forms of high-interest credit, particularly payday lending. Lenders responded by exploiting loopholes in the law, and late last year, the Department of Defense proposed a new set of regulations designed to curb these creative workarounds that target troops.
Republicans have been working to kill those regulations before they can take effect. This week, Rep. Steve Stivers (R-Ohio) will offer legislation that would block DOD from finalizing its rules until a host of unrealistic technical certifications could be made for a database of active-duty military members. The House will vote on Stivers' plan as an amendment to the National Defense Authorization Act, a major bill that establishes military funding.
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