The nonprofit research group Center for Responsible Lending said changes proposed by the federal Consumer Financial Protection Bureau could hurt Georgia’s military service members.
The federal agency’s interim director Mick Mulvaney said he doesn’t want his agency to be responsible for enforcing the Military Lending Act by proactively supervising banks, credit card companies, and other lenders.
The Military Lending Act protects service members and their families financially, for example capping interest rates at 36 percent.
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