NPA Applauds Military Lending Act Rules, Calls for Protecting All Americans From Predatory Lenders
NPA Applauds Military Lending Act Rules,
Calls for Protecting All Americans From Predatory Lenders
Upon today's announcement of new rules for the implementation of the Military Lending Act, Liz Ryan Murray, Policy Director for National People's Action, issued the following statement:
"We applaud the Obama Administration and the Department of Defense for issuing stronger protections for military members and their families from predatory lenders.
"Trapping families in triple-digit interest, debt trap loans isn't a business, it's a racket. Shutting down the debt trap is the right thing to do for our servicemen and women -- and it's the right thing to do for all American families.
"We urge the Administration, through the Consumer Financial Protection Bureau, to act with urgency to bring protections to all families by issuing strong, comprehensive rules for predatory small dollar loans for all Americans. And we call on Congress to pass the Protecting Consumers from Unreasonable Credit Rates Act sponsored by Senator Durbin and Representative Cartwright that would place a reasonable 36% annual rate cap on loans."
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National People’s Action (www.npa-us.org) is a network of 29 grassroots organizations in 18 states working together to advance a racial and economic justice agenda for a new economy and true democracy.