08-EA-03: DoD: Report To Congress (Predatory Lending)

Recently, the Department of Defense (DoD or the Department) issued a request for public comment regarding its forthcoming report to Congress. An Item of Special Interest in the Senate Report 110-077 accompanying the National Defense Authorization Act for Fiscal Year 2008 requires DoD to submit a report to the Armed Services Committees of the House and Senate regarding the implementation of its anti-predatory lending rule, which became effective in October 2007. The rule regulates the terms of certain credit extensions to active duty service members and their dependents and currently only covers certain types of refund anticipation loans, vehicle title loans, and payday loans. DoD must provide its report to Congress by April 1, 2008.

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