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

ICC World Cup Families not allowed to travel with Pakistan team during World Cup

first_imghighlights PCB announced 15-member squad for World Cup 2019 on Thursday. Pakistan team family will not be allowed to travel with team. Pakistan will play against India on June 15.  For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps. New Delhi: Pakistan Cricket Board (PCB) on Friday rejected a suggestion from national team captain Sarfaraz Ahmed to have players’ families travelling with them during the World Cup in England. “Yes there was a suggestion from the captain and players that they should be allowed to have their wives and children with them in England during the World Cup but the board has not allowed this” an official source in the board said. He said instead permission had been granted to the players that their wives and children could be with them during the ODI series against England but they would have to leave before the World Cup. The source said the board wanted the players to be totally focussed on cricket during the World Cup. “This decision has been taken by the team management,” he said. Sarfaraz, in an interview to a television channel, made it clear he was in favour of allowing players to have their families with them, especially on long tours. “The World Cup and our tour of England is a long one. I believe that even cricketing wise it helps a player relax if his family is with him,” the Pakistan skipper said. “When a player returns to his room after a day’s tensions and pressure it helps to have your family. A player wants to relax and unwind after a hard day. In Pakistan, we can go out with our friends and relatives to relax but we can’t get that atmosphere abroad.” “So I think if you have your wife and children you can focus on them and spend time with them and this helps you relax mentally for the next day as well,” he said. Another source said this time the board and team management had also decided to restrict the use of social media network for the players during the World Cup. Meanwhile, Pakistan team will play a bilateral series against World Cup hosts England.(With Inputs: PTI)last_img read more