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US Senators Call for Stronger Protections for Military Families against Predatory Payday Lending

Tuesday, November 25, 2014

Gary Kalman, executive vice president at the Center for Responsible Lending, offers the following remarks:

All Americans agree that taking advantage of the men and women who serve our nation violates our nation's fundamental values.

Today, 40 US Senators have given voice to this value by supporting the Department of Defense's decision to strengthen the Military Lending Act. In a letter addressed to Defense Secretary Chuck Hagel, these Senators urge the decorated veteran to extend consumer protections for active duty service members and protect military families from the devastation caused by predatory lending.

In 2006, President George W. Bush, the Department of Defense, and members of Congress from both sides of the aisle passed the Military Lending Act and recognized the debt trap created by predatory payday lenders was a threat to military readiness. The senators called on Secretary Hagel to renew our commitment to military readiness by updating the Military Lending Act to guard our military families against the menace of abusive lending.

The brave men and women who risk their lives to protect our country should not be subject to predatory and abusive financial scams.

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To speak with Gary Kalman or another CRL expert on the MLA or payday lending, please contact Catherine An at catherine.an@responsiblelending.org or 202-349-1878.

CRL research and policy analysis on the Military Lending Act (MLA):

For more information, contact Catherine An at 202-349-1878 or catherine.an@responsiblelending.org.