T wo Democratic congressmen are sponsoring a bill that will further stiffen restrictions on pay day loans that target military users or their loved ones, specially when it comes down to pensions that are federal.
The Annuity protection and Security Under Reasonable Enforcement (ASSURE) Act, introduced by Reps. Matt Cartwright of Pennsylvania and Gerry Connolly of Virginia, and co-sponsored by two dozen lawmakers, would protect some other also types of federal workers.
“this will be exploitation, pure and simple,” Connolly told the Washington Examiner. “we are referring to the targeting of military families, often with one partner presently serving in Iraq and Afghanistan.”
Pay day loans, also called a “cash loan” or “check always loans loanmaxtitleloans.info hours,” is “a short-term loan, generally speaking for $500 or less, this is certainly typically due in your next payday,” in line with the customer Financial Protection Bureau. (more…)