Congress Protects Our Nation's Military from Predatory Lenders
A Congressional committee did the right thing today by approving a 36-percent cap on payday loans to military personnel that will protect them from these predatory lenders. It was a victory for the Pentagon; the consumer, civil rights and veterans groups who stood up with it; and Sen. Jim Talent (R-MO) and Sen. Bill Nelson (D-FLA), who introduced the amendment. But most of all, it was a victory for our soldiers, sailors and aviators, many of whom had faced the awful choice of paying grocery bills and rent or the usurious fees on their payday loans every two weeks. "At a time when America's