What if I told you that the same government that cracks down on street scams is quietly gutting the rules meant to protect your wallet from corporate abuse? Sounds like a conspiracy theory, right? But it’s not. It’s happening right now—right out in the open. Law enforcement will lock up someone for stealing your purse. …
You’d think that serving your country would come with a few perks, right? Maybe some decent financial protections? A fair shot at buying a car without getting ripped off? Think again. A new Consumer Financial Protection Bureau (CFPB) report confirmed something outrageous: Servicemembers—our own military personnel—are paying MORE for cars than civilians. Not because they …
The Consumer Financial Protection Bureau (CFPB) sued MoneyLion Technologies, an online lender, and 38 of its subsidiaries, for imposing illegal and excessive charges on servicemembers and their dependents. The CFPB alleges that MoneyLion violated the Military Lending Act by charging more than the legally allowable 36% rate cap on loans to servicemembers and their dependents, …
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 …
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 …
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 …
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 …