Payday Loan Industry Watch Home News: Archive News: Recent News: RSS Newsfeeds News: Archive News: By State News: By Big 7 Podcasts Reviews Tips Links
About Us
Contact Us
Site Help
Find a Lender

GAO: Military Disciplinary Board might have prevented payday loan ripoff

June 5, 2006 - Fort Drum, New York

A Fort Drum board whose responsibilities include heading off predatory lending practices didn't even meet for four years.

That's according to a report from the U.S. Government Accountability Office.

In 2004 the New York Attorney General filed suit against NY Catalog, a business just outside Fort Drum.

The lawsuit charged that the business was engaging in "payday loans," charging outrageous interest rates, with military families the primary victims.

The GAO's Valerie Melvin testified before the House Financial Services recently about financial issues facing U.S. Service members.

She said the Department of Defense established Armed Forces Disciplinary Control Boards which can make recommendations to place businesses off-limits to service members to protect families from unfair business practices.

"Our report did in fact talk about Fort Drum as being one of several bases where we had seen, inactivity I guess is the word," Ms. Melvin told NewsWatch50.

"And at Fort Drum in particular we had noted that the board had not met in about four years at the time of our review."

Ms. Melvin said that the Department of Defense, in response to the GAO report, planned to implement regulations requiring the boards to meet more often.

Officials at Fort Drum's Public Affairs Office did not get back to NewsWatch50 about whether the board at Fort Drum had begun meeting again since the report was issued.

News Source

NewsWatch50 (WWTI), Staff Writer

Recent Related Stories - Military

Related Stories - New York


See: Recent News | Archived News | RSS Newsfeeds | News by State
Go to home.

E-mail This Page Open a new window and send this page to a friend.
Share this page by E-mail.
Podcasts Podcasts page.
Interview with David Farias - Founder,
Payday loan opponents caution people against taking payday loans. We interviewed David to better understand the practice and viability of an emerging source for loans: The Internet social lending network.

Interview with Pete Kowenhoven - Special Agent, FBI
Interview with Dr. Tom Lehman - Author of 'In Defense of Payday Lending'
Interview with Bill McCloskey - Email Data Source President and CEO
Reviews Reviews page.
July 21 - WeGiveCash claimed we could get $1,500. But, after entering qualifying customer information, we were declined and then forwarded to another Web site to re-apply.
Find a Lender Find a Lender page.
Claims to lend
To residents of
With fees per $100 loaned
On the Web since
reviewed by PLIWatch
small payday loan industry watch logo
Recent RSS Newsfeeds Archive Shown by State Shown by 'Big 7'
Home News & RSS Podcasts Reviews Tips Links Find a Lender About Us Contact Us Donate / Sponsor Site Help
Terms of Use Privacy Policy Site Map copyright © 2005-2024 all rights reserved Updated: Nov 22, 2022 07:57 EST