Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Conway Joins Fight To Protect Soldiers' Finances

Kentucky Attorney General Jack Conway has joined in calling for stricter regulations to protect military members from predatory lending.

   Conway joined attorneys general from Tennessee and 20 other states who submitted a joint letter to the Defense Department urging the stricter regulations.

   The federal Military Lending Act was intended to shield service members from predatory lending practices by capping interest rates and fees on loans to service members and providing other protections.

   Conway's office says since rules implementing the act were adopted in 2007, some lenders have changed tactics to avoid complying with the law.

   The Defense Department responded with new proposed regulations aimed at providing more protections for service members. In their letter, the attorneys general praised the department for closing some loopholes in current rules but highlighted weaknesses in the revised regulations.