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Davis Objects To Cap On Payday Advances To Soldiers

Davis Objects To Cap On Payday Advances To Soldiers

(LEXINGTON, Ky.) — Some customer groups are questioning Rep. Geoff Davis’ objections to a proposition that could place a cap on high rates of interest for soldiers whom remove short-term payday advances.

” It will be interesting to understand why Congressman Davis is working up against the protection of servicemen that at least the Department of Defense desires from Congress,” stated Jean Ann Fox, consumer-protection manager for the customer Federation of America.

The Pentagon has accused payday loan providers of surrounding its army articles and troops that are exploiting.

Davis, an Army veteran and freshman congressman representing north Kentucky, opposes the amendment compiled by Sens. Jim Talent, R-Mo., and Bill Nelson, D-Fla., as it would impose a 36-percent limit only on payday loan providers, stated their chief of staff, Justin Brasell. It can perhaps maybe not protect insurance coverage panies, investment agents among others that target solution users with concealed costs, he said.