ARLINGTON, Va. NAFCU told the Department of Defense the current regulations the DoD is considering to revise are working well and need not be revised.
“Nonetheless, we would support efforts to rein in the practices of unregulated entities that conduct business on military bases and offer services to service members and their dependents,” said NAFCU in a letter on the proposed ANPR.
“A key concern for credit unions that serve in these environments is the continued allure and availability of payday loans and other costly products that place many of our service members in difficult financial circumstances. Although credit unions offer alternatives, financial education and exert efforts to help their members make sound financial decisions, NAFCU would welcome DoD’s review and action that targets the activities of unregulated entities.”
