Service members get new credit protections from Military Lending Act

The Defense Department recently deployed systems to let banks and other lenders instantly check potential borrowers’ military status at the same time as they’re checking their credit record. It’s a response to the Military Lending Act: last month, the law added a host of new protections for members of the military, including a 36 percent interest rate cap on nearly all credit products. Jason Laky is the senior vice president for automotive and consumer lending at TransUnion. He talked with Federal News Radio’s Jared Serbu about how the new system will work.

President-Elect Donald Trump’s transition team is set to meet with Pentagon officials this week. The change in administration could have big implications for Defense Secretary Ash Carter’s legacy in the Defense Department. Federal News Radio’s Scott Maucione has been following this development, and has the details.