WALSH CALLS ON STATE ATTORNEYS GENERAL TO INVESTIGATE PREDATORY LENDING PRACTICES OUTSIDE MILITARY INSTALLATIONS

(Washington D.C.)- Congressman Jim Walsh this week called upon state attorneys general to investigate reported predatory lending practices by certain financial lenders outside major military installations across the country, including those in New York State. 

Walsh, Chairman of the House Appropriations Subcommittee on Military Quality of Life and Veterans Affairs, joined Rep. Chet Edwards of Texas, Subcommittee Ranking Member, to write the National Association of Attorneys General to encourage individual attorneys general in each state to investigate reports recently presented to subcommittee members. 

Through testimony during recent hearings of Walsh's appropriations subcommittee, several senior non-commissioned officers of each of the military services - Army, Navy, Air Force, and Marine Corps - reported lenders targeting young soldiers, sailors, airmen and women, and marines who may be in short-term need of cash and unaware of the potentially ruinous terms of the loans.  Many lenders have set up shop just outside major military installations offering quick loans with interest rates as high as 2,000 percent.

"It is unconscionable that lenders would take advantage of our troops and their families, who may be under duress in a time of war," said Walsh.  "Many of these targeted military servicemen and women are young and perhaps less experienced in personal financial management.  I encourage state prosecutors to explore all possible means of protecting our service members from these predatory and potentially illegal lending practices."

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