[Congressional Record Volume 161, Number 164 (Wednesday, November 4, 2015)]
[House]
[Page H7637]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1215
                VETERAN PAYDAY PREDATORY LOANS IN TEXAS

  (Ms. EDDIE BERNICE JOHNSON of Texas asked and was given permission to 
address the House for 1 minute.)
  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, as we prepare to 
honor the service of our men and women in uniform this Veterans Day, we 
must come together to stop one of the most egregious practices that is 
preying upon them: predator payday loan companies are targeting our 
veterans at an alarming rate.
  In North Texas alone, a fast cash payday advance of $500 that is 
rolled over five or more times could wind up costing $1,200 or more. As 
a result, many borrowers are trapped in a cycle of debt when these 
short-term loans are not repaid on time, usually within a required 2 to 
4 weeks.
  Mr. Speaker, these companies have targeted our vulnerable veterans 
with limited financial options, digging them deeper and deeper into 
debt. We in Congress must work to cap these interest rates and require 
all lenders to follow the same standards as our local banks, mortgage 
companies, and other for-profit lenders.
  As a Nation, we have a long way to go to make sure that those who 
have protected and defended our homeland are, themselves, protected and 
defended when they return home to rebuild their lives.

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