(LEXINGTON, Ky.) — Some customer teams are questioning Rep. Geoff Davis’ objections to a proposition that will place a limit on high interest levels for soldiers whom remove short-term pay day loans.
“It will be interesting to understand why Congressman Davis is working from the protection of servicemen that no less than 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 armed forces articles and troops that are exploiting.
Davis, an Army veteran and freshman congressman representing north Kentucky, opposes the amendment published by Sens. Jim Talent, R-Mo., and Bill Nelson, D-Fla., given that it would impose a cap that is 36-percent on payday loan providers, stated their chief of staff, Justin Brasell. Read more