SOURCE: Center for Responsible Lending

Center for Responsible Lending

November 11, 2014 07:00 ET

On Veterans Day, Congresswoman Tammy Duckworth Salutes the Military Lending Act

WASHINGTON, DC--(Marketwired - November 11, 2014) - On Veterans Day, Congresswoman Tammy Duckworth will send a letter to Department of Defense Secretary Chuck Hagel, urging him to extend consumer protections for active duty service men and women.

Ken Edwards, vice president of federal affairs at the Center for Responsible Lending, comments on Rep. Duckworth's push to protect service members:

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

This is why Congresswoman Tammy Duckworth -- the decorated US Army and Iraq War veteran -- calls on Defense Secretary Chuck Hagel to extend consumer protections for active duty service members by strengthening the Military Lending Act (MLA).

The brave men and women who risk their lives to protect our country should not be subject to predatory and abusive financial scams like payday lending. The MLA was passed and signed into law by President Bush because the Department of Defense and members of Congress from both parties recognized the debt trap created by predatory payday lenders was a threat to military readiness. This Veterans Day, Congresswoman Duckworth urges Secretary Hagel to revisit and reinforce that principle.

The proposed rules to update the Military Lending Act will better protect service members and their families from predatory lending. In her letter to Secretary Hagel, Congresswoman Duckworth calls for a 36 interest and fee cap on all forms of credit targeting the military and protecting service members from open-end credit products.

To speak with Ken Edwards 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):

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