Two congressmen that are democratic sponsoring a bill that could further stiffen restrictions

Two congressmen that are democratic sponsoring a bill that could further stiffen restrictions

on pay day loans that target military users or their loved ones, particularly if it comes down to federal retirement benefits.

The Annuity protection and Security Under Reasonable Enforcement (ASSURE) Act, introduced by Reps. Matt Cartwright of Pennsylvania and Gerry Connolly of Virginia, and co-sponsored by two dozen lawmakers, would additionally protect other kinds of federal workers.

“this is certainly exploitation, pure and easy,” Connolly told the Washington Examiner. “we are dealing with the targeting of army families, often with one partner presently serving in Iraq and Afghanistan.”

Payday advances, also called a “cash loan” or “check always loans,” is “a loan that is short-term generally speaking for $500 or less, this is certainly typically due on your own next payday,” in accordance with the customer Financial Protection Bureau. Daha fazla oku “Two congressmen that are democratic sponsoring a bill that could further stiffen restrictions”