[Congressional Record Volume 161, Number 164 (Wednesday, November 4, 2015)]
[Extensions of Remarks]
[Pages E1587-E1588]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                HONOR VETERANS BY STOPPING THE DEBT TRAP

                                 ______
                                 

                            HON. ZOE LOFGREN

                             of california

                    in the house of representatives

                      Wednesday, November 4, 2015

  Ms. LOFGREN. Mr. Speaker, in honor of Veterans Day next week I would 
like to speak-

[[Page E1588]]

out against predatory lending practices that target our nation's 
veterans. Earlier this year, the Department of Defense finalized its 
rules under the Military Lending Act that would protect our service 
members and their families from the endless cycle of debt frequently 
created by payday loans.
   However, the MLA does not provide these same protections to those 
brave women and men who have already served their country. There are 
already many challenges for veterans reentering civilian life. The 
threat of being taken advantage of by unscrupulous lenders does not 
need to be added to the list.
   It is within the Consumer Financial Protection Bureau's authority to 
protect our veterans from the predatory payday lending industry. They 
must act to end the dangerous payday loan debt trap by creating strong 
consumer protections and encouraging innovative alternatives for 
veterans who need short-term, emergency loans to make ends meet.
   It is my hope that the CFPB will make this issue a priority and 
quickly provide the financial protections our veterans deserve.

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