The Pentagon wants to set new rules for how lenders interact with military families. They've researched the issue and proposed specific changes. But Republicans on the House Armed Services Committee are trying to make the Department of Defense wait another year and re-do its study.
Payday loan companies and their supporters offered stiff, knee-jerk resistance to a moderate slate of regulations proposed Thursday by the Consumer Financial Protection Bureau. The industry has gone unsupervised at the federal level for decades, and undermined state regulations at every turn.
Military families are supposed to be free from the worst abuses of the lending industry, but a new report shows that loopholes in the law are letting veterans down -- and illustrates how to fix those failures.