In 2018, the Trump Administration announced they would cease oversight of predatory lenders. We fought back. We mobilized the nation’s leading veterans organizations to speak up loudly and frequently to save protections for military servicemembers and their families.
May 15, 2019 Joint Military Lending Act Press Conference
Representatives from The American Legion, Iraq and Afghanistan Veterans of America, Military Officer Association of America, National Military Family Association, and Veterans of Foreign Wars joined Veterans Education Success for a press conference to announce their support for ensuring the Consumer Financial Protection Bureau would protect service members and their families from predatory lenders.
Military Lending Act Under Attack
KeepMilitaryProtections.Org: Sign the Citizens Petition
For decades, predatory lenders have targeted service members with 300% interest rates and other abuses. A nearly unanimous Congress acted to pass the Military Lending Act, which stops any bank or nonbank lender from charging American troops more than a 36% interest rate. Those protections are now being threatened. Military and veteran leaders are voicing their opposition and they need your help.
MSO/VSO Letter Supporting the Reinstatement of Supervisory Exams for Military Lending Act Compliance
January 27, 2021 President Joseph R. Biden, Jr. The White House 1600 Pennsylvania Avenue, N.W. Washington, D.C. 20500 Dear President Biden: The undersigned military and veterans service organizations represent millions of current and former servicemembers, their families, and survivors. Congress passed the Military Lending Act (MLA) with broad bipartisan support, [...]
The Military Lending Act and You
This post was originally published by Military.com on August 13, 2019. The Military Lending Act and You By Mike Saunders, Director for Military and Consumer Policy, Veterans Education Success As an active-duty service member, you have legal rights to low-interest loans, but you might not even know it. You also [...]
American Legion’s Louisiana Commander confronts CFPB’s Mulvaney at a Louisiana Town Hall
"Both the Pentagon & the @AmericanLegion... believe it is wrong for your agency to back off of enforcement of the #MilitaryLendingAct, especially when your agency is already enforcing all other laws by sending your examiners into the banking and payday lenders." - @AmericanLegion
The Hill: Protect the Military Lending Act
Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney has vowed to end proactive oversight of payday lenders and other predatory lenders, accusing his own agency’s supervisors of being “overly aggressive.” This marginalization of crucial protections for our troops will re-invite exposure to predatory practices.
Press Release: Our Full-Page Ad for the Military Lending Act
FOR IMMEDIATE RELEASE, SEPTEMBER 6, 2018 CONTACT: Dom Slowey, 781-710-0014 [email protected] Mike Saunders: 202-838-5050 [email protected] Veterans & Military Service Organizations Urge CFPB & DOD Not To Rollback Servicemembers' Protections Under the Military Lending Act WASHINGTON - In the wake of threats to the Military Lending Act, Veterans Education Success (VES), [...]
Diverse Issues in Higher Education: Possible Enforcement Changes to Military Lending Act Spark Outcry
Two letters containing 38 signatures of veteran and military organization service members are expressing concern about the enforcement of the federal Military Lending Act (MLA) have been sent to U.S. Secretary of Defense James Mattis and Mick Mulvaney, acting director of the Consumer Financial Protection Bureau.
Letter from Senators to Defense Secretary Mattis regarding the Military Lending Act.
August 22, 2018 The Honorable James N. Mattis Secretary U.S. Department of Defense 1400 Defense Pentagon Washington, DC 20301 Dear Secretary Mattis: We write today to express our deep concern over recent reports in the New York Times and other media outlets that the Consumer Financial Protection Bureau [...]
Thousands of individual service members and veterans signed our petition
For decades, predatory lenders have targeted service members with 300% interest rates and other abuses. A nearly unanimous Congress acted to pass the Military Lending Act, which stops any bank or nonbank lender from charging American troops more than a 36% interest rate. Those protections are now being threatened. Military [...]
