DOD proposes broad ban on high-cost loans to servicemembers
U.S. Army Pfc. Pherelle Fowler stretches during yoga class on Camp Bundela, India, Oct. 24, 2009. During the two-week exercise, U.S. soldiers participated in Indian sports, ate Indian food and participated in other cultural events. Fowler is assigned to the 2nd Squadron, 14th Cavalry Regiment. (DoD photo by Fred W. Baker III)

The Department of Defense released proposed rules today targeting the practices of a broad range of high-cost lenders and prohibiting them from charging service members interest rates over 36 percent. The new rules would overhaul the Military Lending Act, which, when enacted in 2007, narrowly defined potentially abusive loans. But as ProPublica and Marketplace reported last…


Defense Department Proposes Broad Ban on High-Cost Loans to Service Members