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WASHINGTON — Credit union trade association attorneys have said they are pleased so far with what they have seen in the Department of Defense’s proposed regulation regarding limitations on loans to military service members, but time–and members–will tell some in the industry have said.

The John Warner National Defense Authorization Act sets limitations on the terms of extensions of credit to service members and their families. Payday and other fringe lenders have been spotlighted in the media as preying upon young, regularly but low-paid members of the military. In particular, credit unions and banks were concerned about what would fall under the 36% interest rate cap to be applied to service members and their families; NCUA and the federal banking regulators served in consultation roles on the proposal.

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