Senators Call on Pentagon to guard Servicemembers by Plugging Payday Loan Loophole

WASHINGTON, DC – in an attempt to protect soldiers and their own families from abusive monetary techniques, a team of 23 U.S. Senators, led by Jack Reed (D-RI), Dick Durbin (D-IL), and Mark Udall (D-CO), is urging Department of Defense (DOD) Secretary Chuck Hagel to shut a loophole that enables loan providers to restructure their old-fashioned loans to prevent a DOD guideline restricting the actual quantity of interest on credit rating items offered to servicemembers. Read more