ABA yesterday issued a bank members-only staff analysis of the Defense Department’s final rule under the Military Lending Act tightening restrictions on lending to service members and their families.
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The Defense Department today issued a final rule tightening restrictions on lending to service members. The rule expands the restrictions in the Military Lending Act — which principally targeted tax refund anticipation loans, payday loans and car title loans — to cover credit cards, lines of credit, installment loans and deposit advances offered to service members.
With multiple deployments and challenging economic times, many veterans need to brush up their financial acumen. Banks are helping.
The Consumer Financial Protection Bureau today released a summary of complaints from America’s military service members and their families between 2011 and 2014.