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New Rules For Military Pay

Night StalkerNight Stalker Member Posts: 11,967
edited July 2005 in General Discussion
Washington Times
June 30, 2005
Pg. 18

New Rules For Military Pay

We take exception to retired Col. Ronald A. Durchin's hysterical Op-Ed column attacking the payday advance industry ("Predatory lenders stalk our troops," Commentary, Tuesday).

According to the Government Accountability Office, just 7 percent of military personnel have used the services of payday lenders. Furthermore, the payday advance industry has been proactive in developing and implementing additional safeguards for military personnel.

Suspiciously, Col. Durchin advocates H.R. 97, legislation sponsored by Rep. Sam Graves, Missouri Republican. This legislation would effectively prohibit payday advance companies from loaning to military personnel while protecting Pioneer Financial Services Inc., a predatory lender in Mr. Grave's district, and the largest maker of loans to military personnel. Pioneer Financial Services exclusively targets the military community and is notorious for hiding fees buried in complicated loan applications.

Legislation to be voted on in the House this week, the Military Personnel Financial Services Protection Act (H.R. 458), is a much better way to go. This legislation sets strict rules that all lenders, including payday advance companies and Pioneer Financial Services, must follow when lending to military customers.

Steven Schlein, Spokesman, Community Financial Services Association, Washington

Editor's Note: The column referred to appeared in the Current News Early Bird, June 28, 2005.

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"War is an ugly thing, but not the ugliest of things. The decayed and degraded state of moral and patriotic feeling which thinks that nothing is worth war is much worse. The person who has nothing for which he is willing to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself." -- John Stewart Mill

Comments

  • n/an/a Member Posts: 168,427
    edited November -1
    Didnt they have something like that in the Soldiers and Sailors relief act back in the 40s

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  • EOD GuyEOD Guy Member Posts: 931 ✭✭✭✭
    edited November -1
    quote:Originally posted by Classic095
    Didnt they have something like that in the Soldiers and Sailors relief act back in the 40s

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    I believe that the protections in the Soldiers and Sailors Civil Relief Act only applied to financial obligations incurred prior to active service.
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