White House To Soften Military Consumer Protections

Photo courtesy of FBI.gov

The following is the introduction to an NPR report on the White House rollback of regulations that protected service members from predatory lenders.

By Chris Arnold, NPR

The Trump administration is taking aim at a law designed to protect military service members from getting cheated by shady lending practices.

NPR has obtained documents that show the White House is proposing changes that critics say would leave service members vulnerable to getting ripped off when they buy cars. Separately, the administration is taking broader steps to roll back enforcement of the Military Lending Act.

The MLA is supposed to protect service members from predatory loans and financial products. But the White House appears willing to change the rules in a way that critics say would take away some of those protections.

“If the White House does this, it will be manipulating the Military Lending Act regulations at the behest of auto dealers and banks to try and make it easier to sell overpriced rip-off products to military service members,” says Christopher Peterson, a law professor at the University of Utah, who reviewed the documents.

You can read the full NPR story here.

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