(LEXINGTON, Ky.) — Some customer groups are questioning Rep. Geoff Davis’ objections up to a proposition that could place a cap on high interest levels for soldiers whom sign up for short-term pay day loans.
” It could be interesting to understand why Congressman Davis is working from the security of servicemen that a minimum of the Department of Defense desires from Congress,” stated Jean Ann Fox, consumer-protection manager for the customer Federation of America.
The Pentagon has accused payday loan providers of surrounding its army articles and troops that are exploiting.
Davis, an Army veteran and freshman congressman representing north Kentucky, opposes the amendment authored by Sens. Jim Talent, R-Mo., and Bill Nelson, D-Fla., since it would impose a 36-percent limit just on payday loan providers, stated their chief of staff, Justin Brasell. It might perhaps perhaps maybe perhaps not protect insurance vendors, investment agents yet others that target solution people with concealed costs, he stated. Continue Reading