From the Washington Examiner today by Alana Goodman:
A powerful, long-serving Republican congressman blocked a federal crackdown on predatory lenders targeting military members while his wife was working for a firm that lobbied for one of the nation’s top lender trade associations, according to financial disclosures.
Rep. Mac Thornberry of Texas was chairman of the House Armed Services Committee when he pushed to delay new restrictions under Military Lending Act that sought to protect military service members from predatory lending practices. A study conducted by the Department of Defense found that 11% of military members had been subjected to predatory loans, leading to personnel discharges at a cost to the department of $14 million a year.
Under the rules, lenders, banks, and credit card companies were required to cap interest rates at 36% annually and are prohibited from providing continual payday loans or requiring service members to submit to mandatory … Read More ➡