This is a excerpt from militaryTimes.Com
It is excellent that our legislators put in place a extra layer of protection when it comes to lending guidelines to help defend our military men and women against predatory lending practices.
With that said, at times they do go overboard in their attempt to protect military personal. Often times they protect and regulate to the point that they isolate excellent services from the men and women in the military.
“Panel votes to dump delay in military lending rules By a 32 to 30 vote, lawmakers rejected plans to require a new DOD study before allowing new lending rules to move ahead. Check out this story on Militarytimes.com: http://militari.ly/1ztcsxi
An estimated 40,000 creditors would be affected by expansion of a lending law, and many contend it would block service members from using options that meet needs other sources of credit cannot.
House lawmakers narrowly voted to remove controversial language delaying rules on lenders from their annual defense authorization bill early Thursday morning, calming concerns from advocates who saw the move as potentially undoing financial protections for military families.
By a 32 to 30 vote, members of the House Armed Services Committee stripped provisions from the legislation that would have required a new report on rule-making procedures regarding the Military Lending Act in 2006 until spring 2016.
Opponents of the clause said the rules are already long overdue, and accused supporters of giving predatory lenders a new opportunity to victimize troops.”
Check out this story on Militarytimes.com: http://militari.ly/1ztcsxi