CFPB Staffer Says Military Lending Act Needs Updating

Law360, Washington (November 20, 2013, 7:03 PM EST) -- The Military Lending Act has been effective at stopping lending abuses specifically outlined in the law, but unscrupulous lenders have found ways around the statute that may require new rules to be put in place, the Consumer Financial Protection Bureau’s military affairs head said Wednesday.

The MLA, which capped interest rates on loans made to military personnel and their families at 36 percent annually and introduced a number of other consumer protections, has helped to curb some abusive lending to military members, Holly Petraeus, the CFPB’s...
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