Military advocates want details on agencies' efforts to stop predatory lenders
from Military Times
A consumer group and five military advocacy organizations have asked for information from six federal agencies about their enforcement efforts to protect service members and their families from predatory lenders. The organizations have asked for complaints the agencies have filed in federal court or through administrative proceedings alleging violations of the Military Lending Act. That law, among other things, limits the interest rate to 36 percent on certain loans to service members and their families. The law doesn’t cover retirees and other veterans who have left the military.
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