Senators turn to Pentagon to safeguard Servicemembers by Plugging Payday Loan Loophole

Senators turn to Pentagon to safeguard Servicemembers by Plugging Payday Loan Loophole WASHINGTON, DC – in an attempt to protect soldiers and their loved ones from abusive economic techniques, a team of 23 U.S. Senators, led by Jack Reed (D-RI), Dick Durbin (D-IL), and Mark Udall (D-CO), is urging Department of Defense (DOD) Secretary Chuck Hagel to shut a loophole that enables lenders to restructure their old-fashioned loans to prevent a DOD guideline limiting the quantity of interest on credit rating services and products offered to servicemembers. The Military Lending Act – enacted – capped the interest that is annual…