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Consumers — members of our armed services most of all — must be protected from bad actors, but not with blanket rules that fail to account for their very real needs and that risk bringing real harm to their economic security, says the author of this commentary.
The authors of this commentary support the Veterans and Consumers Fair Credit Act, in addition to the Military Lending Act, to protect active-duty service members and their families against abhorrent, predatory lending practices and products.
Banks have opted to end-run DoD and go to Congress to get a handout under the guise that too many banks have had to leave military bases due to the cost of leases making military banking less profitable, the authors of this commentary say.