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Davis Objects To Cap On Pay Day Loans To Soldiers

(LEXINGTON, Ky.) — Some customer teams are questioning Rep. Geoff Davis’ objections to a proposition that will place a limit on high interest levels for soldiers whom remove short-term pay day loans.

“It will be interesting to understand why Congressman Davis is working from the protection of servicemen that no less than the Department of Defense desires from Congress,” stated Jean Ann Fox, consumer-protection manager for the customer Federation of America.

The Pentagon has accused payday loan providers of surrounding its armed forces articles and troops that are exploiting.

Davis, an Army veteran and freshman congressman representing north Kentucky, opposes the amendment published by Sens. Jim Talent, R-Mo., and Bill Nelson, D-Fla., given that it would impose a cap that is 36-percent on payday loan providers, stated their chief of staff, Justin Brasell. It could perhaps not protect insurance firms, investment agents yet others that target solution people with concealed charges, he said.

An aide to Davis stated the congressman has consulted CNG Financial of Mason, Ohio, one of is own top campaign donors and owner of nationwide payday lender Check ‘n Go.

CNG professionals have actually offered Davis $11,450 for his competition this against Democrat Ken Lucas, according to an analysis by the Center for Responsive Politics year.

The lending that is payday, represented in Washington by the Community Financial Services Association, stated it supports Davis in the battle to beat the Talent-Nelson amendment.

“We oppose the 36-percent price limit since it would really end our company with all the army,” stated CFSA spokesman Steve Schlein. “Congressman Davis’ approach is more thoughtful.”

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