Department of Defense Proposes Rules to Strengthen Military Lending Act

Today, the Department of Defense released proposed rules to further protect service members and their families from predatory lending practices. If fully implemented, these rules will strengthen protections under the Military Lending Act and close loopholes unscrupulous lenders use to target military families with unconscionable high-cost loans.

The Department of Defense proposed to amend its regulation that implements the Military Lending Act. The Department is proposing to amend its existing regulation primarily for the purpose of extending the protections of the MLA to a broader range of cl...