FOR IMMEDIATE RELEASE
November 10, 2014

DEPARTMENT OF CONSUMER AFFAIRS AND MAYOR’S OFFICE OF VETERAN’S AFFAIRS URGE DEPARTMENT OF DEFENSE TO FINALIZE AND STRENGTHEN NEW REGULATIONS TO PROTECT MILITARY FAMILIES FROM PREDATORY CREDIT PRODUCTS

The Department of Consumer Affairs (DCA) and Mayor’s Office of Veteran’s Affairs (MOVA) today urged the U.S. Department of Defense (DoD) to finalize strong regulatory changes to better protect military families against high-cost credit products. DCA and MOVA support the DoD’s proposal and called on them to also consider applying the protections to rent-to-own transactions and so-called “courtesy” overdraft protection. DCA Commissioner Julie Menin and MOVA Commissioner Loree Sutton today is also submitting a joint letter to DoD supporting their proposed revisions to the Military Lending Act (MLA) regulations, which would extend coverage to additional credit products and improve the efficacy of existing protections.

Read the full press release: Veterans Day Initiative