Letter of Support: Veterans and Consumers Fair Credit Act

Woodstock Institute recently signed on to a letter led by the Consumer Federation of America (CFA) in support of the Veterans and Consumers Fair Credit Act (S.2508) (VCFCA). The VCFCA would extend the Military Lending Act (MLA)’s all-in 36% rate cap, which currently protects active-duty military and their families from predatory interest rates, to all consumers, including veterans (who are not protected by the MLA). The VCFCA was recently reintroduced in the U.S. Senate by Sens. Jack Reed (D-RI), Jeff Merkeley (D-OR) and Chair of the Senate Committee on Banking, Housing, and Urban Affairs Sherrod Brown (D-OH). Rep. Jesús “Chuy” García (D-IL-04) plans to reintroduce the VCFCA in the House of Representatives soon.