Topic: Predatory Lending

John Boehner
House Republicans want to block predatory lending protections for American troops, under pressure from big banks.
In 2006, Congress capped interest rates on payday loans at 36 % for our soldiers, but big banks created "deposit advance products" with effective interest rates of 300 %. But Republicans have added deregulation into the National Defense Authorization Act, which would block protections and leave our soldiers vulnerable.
Service members to receive over $123 million for unlawful non-judicial foreclosures by big banks.
JP Morgan Chase, Wells Fargo, Citibank, GMAC and Bank of America violated the Servicemembers Civil Relief Act (SCRA) with hundreds of non-judicial foreclosures on soldiers' homes while they were serving our country. Feb 2015.


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