Home Texas Payday Lending Predatory lenders and Military families

Predatory lenders and Military families

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“Members of the United States military expect to be put into harm’s way. It comes with the turf. Harm’s way usually means on the battlefield, not at the hands of  predatory lenders and a cabal of lawmakers.

House Republicans slipped a measure to roll back predatory lending protections for military families into a must-pass Defense Authorization bill. Thankfully, it was flagged, and in a close 32-30 vote,  House Armed Services Committee members stripped a provision that would have delayed new rules to protect service members and their families from predatory lenders.

That this measure even got this far is distressing. But it reveals the influence of  payday lenders and the rest of the financial services industry in Congress.

Congress had asked for a report on predatory lending and were told “predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all-volunteer fighting force.” Lawmakers also were told that service members are up to four times more likely to be victims of payday lenders, in part because predatory lenders swarm around military bases, like sharks to chum, ready to take advantage of young, cash-strapped military families.”

Read more at The Dallas Morning News.

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