Senators ask CFPB to halt abusive loans to service members

08/25/2014 | Hill, The

Sen. Tom Udall, D-N.M., and five other senators recently wrote a letter in which they call on the Consumer Financial Protection Bureau and the Federal Trade Commission to change the Fair Debt Collection Practices Act to protect service members from "abusive loan contracts." The senators pointed to one lender, USA Discounters, which has won thousands of default judgments against service members by using a loophole in the law. The CFPB reportedly has moved to halt the lender's practice.

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Hill, The

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