Attorneys General Say DoD Lending Not Tough Enough
Attorneys General from 22 states are saying that the DoD didn’t go far enough with the proposed Military Lending Act to protect service members from predatory lenders. In particular, they cite the fact that the proposed rule allows for an exemption from the MAPR calculation for reasonable and customary “bona fide” fees, which they believe could result in even higher fees for applicants. [12/23/14]