The Most Vulnerable Americans Should be Protected from Predatory Lending: Let’s Pass the Veterans and Consumers Fair Credit Act
By Leah M. Nicholls, Senior Attorney In 2006, Congress passed the Military Lending Act (MLA) with bipartisan support. The MLA addressed what military leadership saw as a substantial problem: the targeting of members of the military and their families by predatory lenders charging exorbitant interest rates and fees, rates of 400 percent or more. Getting…