Pentagon adopts narrow credit rules, invites evasion by predatory lenders
Predatory lenders could easily tweak their loan terms to dodge new Pentagon rules released Friday, said national consumer advocates. By narrowly defining problem loans, the Pentagon's final rules of implementation weaken a federal law enacted to protect military families from abusive financial practices. "Perhaps unintentionally, the Pentagon has provided predatory lenders with a set of very specific instructions: 'How to avoid the cap and keep charging 400 percent interest,'" said Lauren Saunders, managing attorney with the National Consumer Law Center.The Military Lending Act passed by