The Military Officers Association America joined 26 other military and veterans service organizations this month in a united front to preserve strong enforcement of the Military Lending Act.
The organizations jointly published a full page ad this month in numerous print publications, in Washington, D.C. and in large military communities across the country. You can read the full ad here, which included an open letter to Defense Secretary Jim Mattis and Consumer Financial Protection Bureau Director Mick Mulvaney.
The letter follows media reports the White House was considering rolling back the monitoring and enforcement of the lending act, which was created to protect service members from falling prey to unscrupulous payday lenders.
“Service members and their families suffer harm when predatory lenders target them with financial fraud and extremely high interest rates,” the letter read, before it ends with this call to action for Mattis and Mulvaney:
“We urge you to stand with our military and against any attempt to weaken the Military Lending Act, including the Bureau's supervisory and enforcement authority and the [Defense] Department's rules against predatory lending by all business, including car dealerships.”