House Republicans Want To Block Predatory Lending Protections For American Troops

WASHINGTON -- House Republicans are pushing legislation to block predatory lending protections for American soldiers, under pressure from the banking lobby.

GOP lawmakers tucked the deregulation item into the National Defense Authorization Act -- a major bill setting the military's funding, along with a number of other controversial terms on Guantanamo Bay and other issues. If the banking item is enacted, it would impose a one-year delay on new Department of Defense rules meant to shield military families from abusive terms on payday loans and other forms of high-interest credit. The bill is being considered Wednesday before the House Armed Services Committee.

The military has been struggling with the financial impact of predatory lending on service members for years. A 2014 report issued by the Consumer Financial Protection Bureau documents a host of abuses targeting troops. One family that took out a $2,600 loan ended up paying back $3,966.84 over the course of a year. Another borrower spent $1,428.28 to pay off a $485 loan in just six months. Thousands of service members receive short-term, high-interest loans each year.

In 2006, Congress passed legislation imposing a 36 percent cap on interest rates for payday loans, auto title loans and tax refund anticipation loans to military families. Lenders responded by slightly tweaking the terms of their loans to avoid the limits. Since the law applied to payday loans with terms of 91 days or less, and amounts of $2,000 or less, credit companies were able to shirk the rules with 92-day loans, or loans of $2,001.
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"Look. I'm a Baltimore kid. Nobody wants violence, but people have been pushed to the limit and massive peaceful protests have resulted in no material legislation and no national agenda. What the hell do people expect to happen? -chet..."

CNN: President Barack Obama's approval rating is shifting back toward positive territory, as the public's take on the economy hits a new high mark for Obama's tenure, according to a new CNN/ORC poll.

For the first time since May of 2013, more Americans polled say they have a positive impression of how Obama is handling the presidency than a negative one: 48% approve of the way Obama is handling his job, while 47% disapprove.

While the share saying they approve is not significantly larger than the share disapproving, it's a notable shift in perceptions of Obama's presidency.

Obama's numbers are on the rise at the same time the public gives the economy the highest ratings of his presidency.

The poll finds 52% describe the U.S. economy as very or somewhat good, while 48% call it very or somewhat poor. That marks the first time since Obama took office that significantly more people describe the economy as "good" than "poor," and only the second time since then that a majority has described the nation's economy as "good."