A bipartisan bill introduced by Wisconsin’s Sixth District Congressman would protect veterans and consumers.
Congressman Glenn Grothman of Glenbeulah and Jesus “Chuy” Garcia of Illinois announced the Veterans and Consumers Fair Credit Act, which would extend Military Lending Act safeguards to consumers nationwide while allowing states to maintain stronger protections.
Rep. Grothman says his bill would also preserve exceptions for mortgages, certain vehicle loans, and qualified federal credit union loans.
The Glenbeulah Republican also adds that predatory lending can trap borrowers in a cycle of debt that becomes increasingly difficult to escape, “if we have determined that certain lending practices are too harmful for our service members, it is worth asking why those same practices should be acceptable when targeting everyone else.”
Grothman and Garcia’s bill has been referred to the U.S. House Committee on Financial Services.
