VoteVets.org: Sign this letter protecting veterans from payday lenders

Subscribe to and support VoteVets.org to receive the latest information.

If you've ever served or lived on or near a military installation, you know there are no shortage of short-term payday-type lending options in the area. General David Petraeus said they gather "like bears on a trout stream" looking to take advantage of veterans' guaranteed pay.

And because of clause in the fine print of these contracts known as "forced arbitration," veterans and their families have little to no recourse or legal protection, trapping them in an unbearable spiral of debt.

So when we heard the Consumer Financial Protection Bureau (CFPB) was looking at taking action that would do away with "forced arbitration" and hold accountable some of the unscrupulous lenders who have been ripping off veterans and their families for decades, we knew we had to act.

Stand up for veterans and co-sign VoteVets' letter to the Consumer Financial Protection Bureau to prohibit forced arbitration in the terms of service of all consumer financial products under its jurisdiction, including short-term payday loans.

At one Senate hearing, Tennessee's Attorney General testified that one single company alone "ensnared more than 4,000 soldiers from Fort Campbell, Kentucky, with high interest rates and markups for laptops and other electronic devices," many of whom were just trying to secure devices they could use to communicate with their families while deployed.

At VoteVets, we move forward with two goals in mind: electing progressive veterans and advocating for veterans and military family members on legislative issues in Congress and state capitals across the country.

This is an important issue. Countless veterans who serve their country are being taken advantage of by unscrupulous lenders. The CFPB is willing to act, but only if they hear from enough of us.

Co sign our letter calling on the CFPB to take action that will protect veterans and military family members: 

"We, the undersigned, call on the Consumer Financial Protection Bureau to prohibit forced arbitration in the terms of service of all consumer financial products and services under its jurisdiction. Stand up for consumers and restore our right to hold banks accountable when they break the law."
Thank you for standing up for veterans and military family members on this important issues. Together, we can change lives. 

All our best, 

The team at VoteVets 

---

PAID FOR BY VOTEVETS ACTION FUND