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Exactly about Lawmakers target army payday advances

Exactly about Lawmakers target army payday advances

T wo Democratic congressmen are sponsoring a bill that will further stiffen restrictions on pay day loans that target military people or their loved ones, particularly if it comes down to pensions that are federal.

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 protect some other also types of federal employees.

“this will be exploitation, pure and easy,” Connolly told the Washington Examiner. “we are speaing frankly about the targeting of military families, sometimes with one spouse 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 for $500 or less, that is typically due on the next payday,” in line with the customer Financial Protection Bureau. Continue reading Exactly about Lawmakers target army payday advances