Re the Nov. 11 letter Lending to the military, by Alex Sanchez, president of the Florida Bankers Association: The Department of Defense has taken the right step to protect service members by proposing rules to enhance the Military Lending Act.
As it stands today, service members and their families continue to suffer because of the endless ability of predatory lenders to target them with dangerous loans. These steps by the DoD are crucial for avoiding the debt trap that undermines the financial security of service members and their families.
They do so by reducing the cost of consumer credit to 36 percent annually and ensuring lenders can’t evade this protection with junk fees and useless insurance products.
In contrast to what the DoD is proposing as the best way to prevent predators from undermining soldiers’ financial readiness, Florida’s bankers want to charge even higher than 36 percent to men and women in uniform.
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Alice Vickers, Florida Alliance for Consumer Protection, Tallahassee