Credit unions want to be exempt from DOD military lending regs

first_img 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Lydia Wheeler Credit Unions want to be excluded from new protections for military members borrowing money.Earlier this year, the Department of Defense proposed expanding the Military Lending Act (MLA) to cover more types of credit. The MLA caps annual interest rates for service members at 36 percent on certain consumer credit products.In a letter to the DOD, the National Association of Federal Credit Unions (NAFCU) and four other credit union trade associations said credit union are not the perpetrator and should be excluded from the proposal to amend the rules on Limitations on Terms of Consumer Credit Extended to Service Members and Dependents, which implements the MLA.“The increased costs and unintended consequences of the proposal, especially on smaller credit unions, could negatively impact the delivery of high quality reasonably priced financial products and services to our troops, their families, and their dependents,” said the letter, which was signed by the African-American Credit Union Coalition, the Credit Union National Association, the Defense Credit Union Council and the National Association of State Credit Union Supervisors, in addition to the NAFCU.“From our perspective as credit unions’ advocates, any changes to the current rules should curtail and eliminate the unscrupulous business practices of organizations targeting our military personnel—and not harm credit unions that are dedicated to the financial well-being of their member-owners.” continue reading »last_img read more

Paddy Power: Rebel divorce sees odds tumble on Corbyn departing Labour leadership

first_img Paddy PowerBookmakers have placed the spotlight on Labour Party leader Jeremy Corbyn, and how he handles the departure of breakaway rebels forming a new Independent Party within UK politics.Branded the ‘Gang of Seven’, the rebel cabal has been deemed as the biggest reprimand of Corbyn’s party leadership, and his handling of Labour’s position on Brexit.Since yesterday’s confirmation of the opposition party split, Westminster rumours have reached overdrive on which further Labour and potential Conservative MPs may choose to join the rebel faction.Updating its UK political betting markets, Paddy Power has cut the price of Jeremy Corbyn being replaced as Labour Party leader before the end of the year from 3/1 to 5/4.Furthermore, the bookmaker has priced at 6/1 that Corbyn will be replaced before the end of April – or 10/1 by the end of next month.Revising its market, Paddy Power details that a UK breakaway party could prove fruitful for Corbyn menace, Chuka Umunna, as his odds of being named next prime minister have halved from 100/1 to 50/1 in the last few minutes.Updating the media, Spokesman Paddy Power said: “It looks like curtains for Corbyn this morning, as Labour announces a bitter split to rival Oasis’ in 2009.“Our punters are confident he will be replaced as Labour leader this year, potentially as soon as next month, after a flood of bets since the breakup was announced.” Flutter moves to refine merger benefits against 2020 trading realities August 27, 2020 StumbleUpon Paddy Power raises awareness of Missing People with Motherwell ‘silhouette’ stand August 7, 2020 Related Articles Share Bookies Corner: Trump Presidency sinks as US 2020 enters its 100 day countdown July 29, 2020 Submit Sharelast_img read more