T wo Democratic congressmen are sponsoring a bill that will further stiffen restrictions on pay day loans that target military users or their own families, particularly if it comes down to federal retirement benefits.
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 is certainly exploitation, pure and easy,” Connolly told the Washington Examiner. “we are speaing frankly about the targeting of military families, often with one partner presently serving in Iraq and Afghanistan.”
Pay day loans, generally known as a “cash loan” or “check always loans,” is “a loan that is short-term generally speaking for $500 or less, this is certainly typically due on the next payday,” in line with the customer Financial Protection Bureau.