I wanted to take a moment to thank the Obama Administration for their rule changes with regards to the Military Lending Act of 2006. The new regulations make it harder for lenders (let’s call them poachers) from charging outrageously high interest rates to our men and women who serve this country.
I still believe that Congress and this administration need to take a further step. The changes limit the cap on interest rates to 36%. This is still usury in its worst form. The Congress and administration should consider the cap at 20% for all citizens, but I would be happy if this considered this for military service members.