The American Legion submitted the following letter to Congress in support of the Payday Rule:
Pentagon Defends Troops From Payday Lenders, Veterans Left In The Lurch
The Defense Department called payday lending a threat to military readiness and as far back as 2006, stepped in to try to stop it, but the payday loan industry punched its way through every loophole it could find. Then in October of this year, the Defense Department updated the Military Lending Act by setting a strong 36% rate cap on …