The Obama administration on Tuesday finalized new regulations designed to crack down on high-cost loans to members of the military.
The rules are meant to make it harder for lenders to get around an eight-year-old interest rate cap on loans to active-duty service members. Under the earlier rules, installment loans of 92 days or more and auto title loans of 182 days or more were exempt, and many high-cost lenders continued operating outside the gates of military bases across the nation.
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