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United States : Tillis Bill Protecting Vets from Predatory Lending Included in Banking Reform Bill.

U.S. Senator Thom Tillis (R-NC) announced that the Protecting Veterans from Predatory Lending Act of 2018, bipartisan legislation he introduced with Senator Elizabeth Warren (D-MA), was included as a provision in the Economic Growth, Regulatory Relief, and Consumer Protection Act, bipartisan legislation currently being considered by the Senate.

The Protecting Veterans from Predatory Lending Act of 2018 would protect veterans from targeted predatory home loan practices by requiring lenders to demonstrate a material benefit to consumers when refinancing their mortgage.

Over the last few years, a few bad actors have taken advantage of the VA home loan program and began targeting veterans and servicemembers to generate profit and fees at their expense, often leading to higher loan amounts and putting families in a worse financial position than they started off, said Senator Tillis. The VA home loan program was designed to give our men and women in uniform the opportunity to become homeowners as they raise their families, and we must do everything we can to protect them from predatory home-lending. I am glad this legislation was included in the bipartisan banking relief bill being considered by the Senate, and I look forward to getting this important piece of legislation passed and signed into law.

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Publication:Mena Report
Date:Mar 9, 2018
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