ARLINGTON, Va. — The Department of Defense has asked Congress for additional authority to regulate the practice of payday and other forms of predatory lending directed at members of the armed forces.
The request came as part of a report on the impact of payday and other forms of predatory lending on service members. Congress requested the report as part of the DoD's spending authorization legislation in 2005.
While the report focused on payday lending, it also touched upon military installment loans, auto financing, rent-to-own programs, title loans and overall credit management and made the case that even though a number of military credit unions and some banks are acting to counter this lending, their efforts are still not enough.
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