CFPB Report Highlights Loopholes in DOD Lending Rule
A report just issued by the CFPB identifies some significant loopholes that have allowed certain lenders to charge exorbitant rates and fees to service members. The report, which was included as an appendix to the CFPB’s comment letter to the DOD’s proposed revisions to the Military Lending Act, provides both anecdotal and statistical data to support its contention that some lenders are preying on military personnel due to their often vulnerable circumstances. [12/30/14]
