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PROVIDENCE – U.S. Sen. Jack Reed told The Associated Press last week that he is seeking to stop banks and lenders from charging high fees and interest rates to military-service members.
The Rhode Island Democrat has proposed an amendment to a military-spending bill that would tighten existing regulations on short-term loans taken out by military personnel. The AP said that a Pentagon study found that high numbers of military families use pay-day loans.
The amendment would also limit the overdraft fees banks can charge service members.
Reed told the AP that the changes are needed because banks and lenders are exploiting loopholes in existing laws designed to protect service members from “abusive financial practices.” According to the AP, Reed said financial stress caused by debt and interest rates poses an unnecessary burden on service members and their families. •