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Republicans Already Under Fire For Voting To Block Predatory Lending Protections For

Discussion in 'Political Debate & Discussion' started by Crabtownboy, May 4, 2015.

  1. Crabtownboy

    Crabtownboy Well-Known Member
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    Anything for corporations but nothing for the soldiers. Shame on the GOP.

     
  2. revmwc

    revmwc Well-Known Member

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    What did the liberals take on that caused them not to vote for this, that is the part I don't see.

    That is what normally causes something like this.
     
  3. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Huffy Post ?
     
  4. InTheLight

    InTheLight Well-Known Member
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    The House committee subsequently voted to take out the delay:

    WASHINGTON -- House Democrats successfully knocked down a GOP plan early Thursday morning that would have blocked predatory lending protections for American soldiers.

    Around 4 a.m. Thursday, the House Armed Services Committee approved an amendment authored by Rep. Tammy Duckworth (D-Ill.) to strip out the GOP language to delay the new rules. Democrats voted unanimously in favor of the amendment, which passed 32 - 30 with support from five Republicans: Reps. Elise Stefanik (R-N.Y.), Chris Gibson (R-N.Y.), Frank LoBiondo (R-N.J.), Richard Nugent (R-Fla.) and Steve Russell (R-Okla.).

    http://www.huffingtonpost.com/2015/04/30/payday-lending-soldiers_n_7182510.html

    A host of consumer groups cried foul on the bill, and an amendment offered by Rep. Tammy Duckworth (D-Ill.) to strip out the delay passed by a vote of 32 to 30 at around 4 a.m. on Thursday morning. All 30 of the votes to preserve the delay came from Republicans.

    http://www.huffingtonpost.com/2015/05/04/predatory-lending-military_n_7203762.html
     
  5. Revmitchell

    Revmitchell Well-Known Member
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    I know how to soldiers can be protected from predatory loans.
    ...............................................................................................................................................................................................Uh, don't get one. It is a choice to be made. No one makes them do it. Take on some self responsibility.
     
  6. carpro

    carpro Well-Known Member
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    Why don't all Americans deserve the same protections against predatory lending?
     
  7. poncho

    poncho Well-Known Member

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    How's an oligarch supposed to turn a profit?
     
  8. Salty

    Salty 20,000 Posts Club
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    IMHO - the reason troops take out these loans is due to bad financial decisions of the troops.

    As a young married Private, in 1971 I made less than $300 a month (before taxes) which included my BAQ and SR.

    My wife did not work. We simply lived within our means. I never once had to borrow money during my first enlistment. That included paying for my wife's airfare to Germany and her return 2 years later.
    Once I re-enlisted, my pay went up - and we still lived within our means.

    As of 1 Jan 15, a Private on day one makes $1,546.80/month. + $367.92 for Sep Rats. Housing is based on your current location - it starts at about $1,000/month for a Pvt. (some locations a bit lower) and many locations much higher. (NY City is 3400/month)
    One other thing - the housing allowance and Sep rat are tax free - which amounts to a savings of about $200 per month)

    Interesting, we trust a Private to drive a Five million dollar tank - ( and mainly runs on computers) but has problems with his own check book.
     
  9. poncho

    poncho Well-Known Member

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    Debt makes the world go round, well the oligarch's world anyway.
     
  10. InTheLight

    InTheLight Well-Known Member
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    Following the Congressional debate and bi-partisan support for the MLA’s 36 percent annual rate cap, bills were introduced in both houses of Congress to impose a federal usury cap on all credit to benefit all borrowers. While these bills have yet to be enacted, the post-MLA period saw heightened attention to the cost and terms of credit. Congress gave the Consumer Financial Protection Bureau authority to supervise payday lenders, regardless of size, and for the first time established a federal agency to supervise both bank and nonbank lenders. Policy set by the federal Military Lending Act has been influential in state legislative and ballot campaigns to curb predatory payday lending.

    http://www.consumerfed.org/pdfs/Studies.MilitaryLendingAct.5.29.12.pdf
     
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