Tony Hernandez, DCUC President & CEO was very appreciative to the Office of Management and Budget for listening to our concerns with DoD’s Interpretive Rule on Q&A #2 (GAP) under the Military Lending Act (MLA). We believe this one part of the MLA actually does more harm and advocate for a full withdrawal of Q&A #2 to prevent further financial hardship and increasing the likelihood of predatory lenders filling the void.
For more information on GAP, the Consumer Finance Protection Bureau has published this guide onBasic Car Buying Skills. Doing one’s homework prior to making a purchase is always a great idea!
Finally, Congress continues to voice the same concern with Q&A #2. Here is the latest letter from Congress to the Under Secretary of Defense for Personnel and Readiness.