Rep. Duckworth on DoD proposal re lending to military members

[nitpicker]

http://www.armytimes.com/article/20141022/NEWS01/310220053/Commentary-Breaking-the-cycle-of-debt-for-troops-families

Commentary: Breaking the cycle of debt for troops, families
Oct. 22, 2014 - 04:07PM By Rep. Tammy Duckworth
Special to Military Times

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Unmanageable debt is difficult for any family struggling to balance their finances. In the military, the burden can affect security clearances and advancement. Unscrupulous debt collectors go after service members deployed overseas and who are unable to answer claims. Credit is destroyed and lives are disrupted.
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Back in 2006, Congress adopted the Military Lending Act and the department issued rules to address the abuses, including the establishment of a 36 percent cap on interest rates and fees.
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Unfortunately for service members, the lenders exploited loopholes in the rules.
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In August 2013, I led a coalition of 54 members of Congress urging the secretary of defense to expand the definition of consumer credit and close loopholes that allowed predatory lending practices to continue.

This past month, I was thrilled to see that DoD responded to our concerns and took action by proposing clear and comprehensive rules that close the loopholes and end the evasions. The rules cover loans of any size and length. Credit cards with exorbitant fees are covered while those with reasonable rates are exempt, preserving access to credit on fair terms. Taken together, these new rules will protect the financial security of America’s all-volunteer fighting force.
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