Opponents of payday lending quickly gained an ally that is prominent Holly Petraeus, wife of resigned Army Gen. David Petraeus, now the CIA manager.
In 2006, the Department of Defense described lenders as вЂњpredatoryвЂќ and a danger to security that is national. Payday lending вЂњundermines army readiness, harms the morale of troops and their loved ones, and enhances the price of fielding an all-volunteer combat force,вЂќ the division reported, noting that solution users were doubly expected to fall target as civilians.
Congress passed a legislation capping rates of interest at 36 % on payday advances built to U.S. armed forces users and their own families вЂ“ limitations that drove lenders to more fertile markets.
In modern times, states from Maine to Arizona enacted similar caps through legislation and ballot initiatives.Read More»