Reporter, Washington, DC
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Sep 30, 2014
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Sep 26, 2014
Sep 26, 2014

Obama administration seeks more protection for military borrowers

WASHINGTON (Reuters) – The Obama administration on Friday proposed changes to current lending rules toward military personnel and their families, to expand protections from predatory practices on a wider variety of loans and financial products such as credit cards.

The plan, to be formally issued on Monday, would close loopholes and cover more types of borrowing, including all payday loans, vehicle title loans, tax refund loans, credit cards and open lines of credit, among others.

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