Trump Administration on Path to Weaken Military Lending Act

NPR is reporting that the Military Lending Act (MLA) is under attack. The MLA is designed to protect military members from being ripped off in financial transactions like buying a car. However, the National Automobile Dealers Association has been working with the Trump Administration to allow dealers to again sell worthless “gap insurance” when they … Read more

Military Lending Act is Going to be a Big Deal for Service Members

The Military Lending Act (MLA) provides some much needed protections for active duty members of the armed forces or on active Guard or Reserve duty. Under this federal regulation, covered members of the military can’t be charged an interest rate higher than 36% on some types of consumer loans like certain payday loans, auto title … Read more

Soldiers Wounded by Debt, Not Bullets

by Paul Kiel, ProPublica, and Mitchell Hartman, Marketplace, May 15, 2013, 5:50 a.m.by Paul Kiel and Krista Kjellman Schmidt, ProPublica, May 15 This story was co-produced with Marketplace. Listen to their coverage. Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded … Read more

Active Duty Soldier Loses Truck to Title Loan Lender and Why This is News

Jason Cox, an active duty Army Staff Sargent has filed suit against Community Loans of America and Alabama Title Loans over the repossession of his truck. “Big deal,” you might say. But this case does bring up some bigger issues. Active duty military service members are protected by what is called the Military Lending Act … Read more