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Final rule puts more teeth into Military Lending Act

by Terri Moon Cronk holes to trap our troops in a vicious Lending Act in 2006 to provide spe-
DOD News cycle of crushing debt,” Obama said. cific protections for active-duty ser-
vice members and their families in
The Defense Department July 21 “It is the right thing to do,” he said consumer credit transactions.
closed loopholes to protect U.S. men of the new rule.
and women in uniform from preda- Among other protections, the law
tory lending practices, President “With this action, the department caps at 36 percent the interest rate on
Barack Obama said this morning at takes an important stand against covered loans to active-duty service
the 116th Veterans of Foreign Wars companies that can prey on our men members, requires disclosures to
National Convention in Pittsburgh, and women in uniform,” Deputy De- alert service members of their rights,
Penn. fense Secretary Bob Work said in a and prohibits creditors from requiring
news release after the president’s an- a service member to submit to arbi-
The heightened level of finan- nouncement. tration in a dispute.
cial and consumer-rights protec-
tion against unscrupulous practices, “This new rule addresses a range The latest rule allows for industry
called the final rule of the Military of credit products that previously compliance by Oct. 1, followed by
Lending Act, covers all forms of pay- escaped the scope of the regulation, a staggered implementation period,
day loans, vehicle title loans, refund compromising the financial readiness DOD officials said. The rule will
anticipation loans, deposit advance of our troops. Today, with our regu- help protect all active-duty service
loans, installment loans, unsecured latory and enforcement partners, we members and their families from
open-end lines of credit and credit stand united in support of our service committing to loans with excessive
cards, DOD officials explained. members and their families,” he con- fees and charges.
tinued.
“We’re going to keep fighting to Service members still will have
give our troops and veterans a chance The revision began with a three- access to no-interest loans, grants,
to enjoy the American freedom you year study by the Defense and Trea- and scholarships from the four
helped defend,” the president told the sury departments, Federal Trade military relief societies, and not all
veterans. Commission, and financial regulators credit products will be affected by
such as the Federal Deposit Insurance the regulation—notably residential
“There’s already a lot to protect Corp., Federal Reserve Board, Office mortgages and purchase-money
our troops and families against un- of the Comptroller of the Currency, loans to buy cars, for example,
scrupulous predatory lenders, but Consumer Financial Protection Bu- which are excluded from the MLA’s
some of the worst abusers—like reau and the National Credit Union definition of consumer credit, offi-
payday lenders—are exploiting loop- Administration, DOD officials said. cials said.

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