NMFA Teams Up with 26 Organizations to Protect Military Lending Act
By: Shannon Prentice, Content Development Manager
For decades, predatory lenders have targeted service members with 300% interest rates and other unreasonable and unfair practices. In an effort to rally around our brave men and women in uniform, Congress implemented the Military Lending Act — which protects service members and their families from financial devastation.
The Military Lending Act ensured lenders were compliant through periodic checks on their practices, successfully keeping lenders honest and service members protected.
But Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB) doesn’t think service members deserve that protection. He has proposed ending that proactive oversight—leaving military families vulnerable to sky-high interest rates, early payment penalties, and more.
Military families’ tremendous sacrifices keep America protected. Shouldn’t the CFPB protect them, too?
This week, NMFA joins 26 other veteran and military support organizations urging Defense Secretary General Mattis and Mick Mulvaney to preserve the Military Lending Act.
Posted September 6, 2018