Honor Veterans by Stopping the Debt Trap

Floor Speech

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Ms. LOFGREN. Mr. Speaker, in honor of Veterans Day next week I would like to speak- out against predatory lending practices that target our nation's veterans. Earlier this year, the Department of Defense finalized its rules under the Military Lending Act that would protect our service members and their families from the endless cycle of debt frequently created by payday loans.

However, the MLA does not provide these same protections to those brave women and men who have already served their country. There are already many challenges for veterans reentering civilian life. The threat of being taken advantage of by unscrupulous lenders does not need to be added to the list.

It is within the Consumer Financial Protection Bureau's authority to protect our veterans from the predatory payday lending industry. They must act to end the dangerous payday loan debt trap by creating strong consumer protections and encouraging innovative alternatives for veterans who need short-term, emergency loans to make ends meet.

It is my hope that the CFPB will make this issue a priority and quickly provide the financial protections our veterans deserve.

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