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April 09, 2007
Military Loan Law praised in WSJ letter
In today's Wall Street Journal, Joseph Barnes, an official of the Congressionally-chartered Fleet Reserve Association, and co-chair of The Military Coalition, has a nice letter (pd. subs. req'd) rebutting a 2 April WSJ editorial, Mayday for Payday Loans, that opposed a bi-partisan 2006 law banning usurious loans to military personnel. The WSJ editorial read like something from the payday lending press machine. From the Barnes rebuttal letter:
The provision in the law is supported by a number of consumer groups and The Military Coalition, which represents 35 military/veterans organizations with collective membership totaling more than five million members. These organizations agree with the Department of Defense that abusive lenders who target service members not only harm the finances of our fighting men and women, but damage the readiness of our military forces. The payday lenders, and the banks, are running around Capitol Hill and the regulatory agencies trying to weaken the law (previous blog).
Posted by Ed Mierzwinski at April 9, 2007 10:43 AM
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