Predatory lenders are seriously harming the U.S. military, and one member of Congress is fighting to keep it that way.
A Pentagon report last month found that as many one in five U.S. service members “are being preyed on by loan centers set up near military bases” that can charge interest of 400 percent or more. Increasingly, soldiers have debt levels so high they are barred from serving overseas; others suffer from “bankruptcies, divorces and ruined careers.” (More facts HERE.)
The Pentagon has joined consumer, military, and veterans groups in backing a bipartisan amendment from Sens. Jim Talent (R-MO) and Bill Nelson (D-FL) that places a cap of 36 percent on high interest rates for short-term payday loans to military members.
But one conservative congressman, Rep. Geoff Davis (R-KY), is trying to gut the amendment. Davis has proposed his own language — praised by the payday lending industry — that sets no real limits on predatory lenders. One of Davis’s aides admitted last week that he consulted on the legislation with “CNG Financial of Mason, Ohio, one of his top campaign donors and owner of national payday lender Check ‘n Go.”
Today may be the last day to stop Davis in his tracks. Call his office now and tell him to stop enabling predatory lenders who are hurting the U.S. military.
Toll-free congressional switchboard (ask for Davis’s office):
(Let us know what you hear from Davis’s office in the comments section, or send us an email.)