“Given the many sacrifices military families make, it is deeply disturbing that predatory lenders would target them with exploitive financial schemes,” Sen. Mazie HironoMazie Keiko HironoDemocratic senator on possibility of Trump standing up to the NRA: 'That's just such BS' Schumer to Trump: Demand McConnell hold vote on background check bill Graham moves controversial asylum bill through panel; Democrats charge he's broken the rules MORE (D-Hawaii) said Wednesday. “I’m proud to join with my colleagues in urging the Department of Defense to tighten up financial protections for military families and close loopholes that leave service members vulnerable to these predatory practices.”

ADVERTISEMENT

The senators said payday lenders “cluster” around military bases and target advertising toward service members. 

The Department of Defense has the authority to write rules to protect service members from certain predatory loans, but the senators said the DOD failed to include high-interest products, such as overdraft loans, installment loans, nontraditional payday loans and nontraditional car title loans in its definition of “consumer credit.”

“Due to the narrow definition of consumer credit, certain lenders are offering predatory loan products to service members at exorbitant triple digit effective interest rates and loan products that do not include the additional protections envisioned by the law,” the letter stated. “Service members and their families deserve the strongest possible protections and swift action to ensure that all forms of credit offered to members of our armed forces are safe and sound.”

Currently, loans that fall under the definition of consumer credit are capped at an interest rate of 36 percent. The DOD is considering rule changes to its consumer credit protection program. The lawmakers said that if the DOD expanded its definition of consumer credit to apply to more types of loans, then rates for service members would not exceed the 36 percent mark.

In addition to Hirono, Democratic Sens. Jack ReedJohn (Jack) Francis ReedSenators ask for committee vote on 'red flag' bills after shootings Senate Democrats demand Trump order review of White House security clearances Overnight Defense: Dems talk Afghanistan, nukes at Detroit debate | Senate panel advances Hyten nomination | Iranian foreign minister hit with sanctions | Senate confirms UN ambassador MORE (R.I.), Dick DurbinRichard (Dick) Joseph DurbinSenate Democrats push Trump to permanently shutter migrant detention facility House panel investigating decision to resume federal executions To combat domestic terrorism, Congress must equip law enforcement to fight rise in white supremacist attacks MORE (Ill.), Mark UdallMark Emery UdallPoll: Trump trails three Democrats by 10 points in Colorado The Hill's Morning Report — Trump and the new Israel-'squad' controversy Colorado candidates vying to take on Gardner warn Hickenlooper they won't back down MORE (Colo.), Joe DonnellyJoseph (Joe) Simon DonnellyLobbying world Trump nominees meet fiercest opposition from Warren, Sanders, Gillibrand GOP frets over nightmare scenario for Senate primaries MORE (Ind.), Brian Schatz (Hawaii), Tom UdallThomas (Tom) Stewart UdallDemocrats, environmentalists blast Trump rollback of endangered species protections Republicans should get behind the 28th Amendment New Mexico says EPA abandoned state in fight against toxic 'forever chemicals' MORE (N.M.), Richard Blumenthal (Conn.), Bill NelsonClarence (Bill) William NelsonAl Franken says he 'absolutely' regrets resigning Democrats target Florida Hispanics in 2020 Poll: Six Democrats lead Trump in Florida match-ups MORE (Fla.), Tom HarkinThomas (Tom) Richard HarkinWisconsin lawmaker gets buzz-cut after vowing not to cut hair until sign language bill passed Democratic debates kick off Iowa summer sprint Key endorsements: A who's who in early states MORE (Iowa), Sheldon WhitehouseSheldon WhitehouseSenate Democrats push Trump to permanently shutter migrant detention facility To cash in on innovation, remove market barriers for advanced energy technologies Democrats give cold shoulder to Warren wealth tax MORE (R.I.), Claire McCaskillClaire Conner McCaskillEx-CIA chief worries campaigns falling short on cybersecurity Ocasio-Cortez blasts NYT editor for suggesting Tlaib, Omar aren't representative of Midwest Trump nominees meet fiercest opposition from Warren, Sanders, Gillibrand MORE (Mo.), Elizabeth WarrenElizabeth Ann WarrenHarry Reid: 'Decriminalizing border crossings is not something that should be at the top of the list' Warren offers plan to repeal 1994 crime law authored by Biden Panel: Jill Biden's campaign message MORE (Mass.), Jeff MerkleyJeffrey (Jeff) Alan MerkleySenate Democrats push Trump to permanently shutter migrant detention facility Senate Dem seeks answers from DHS on reports of pregnant asylum seekers sent back to Mexico Schumer backs Pelosi as impeachment roils caucus MORE (Ore.), Al FrankenAlan (Al) Stuart FrankenNative American advocates question 2020 Democrats' commitment Reid says he wishes Franken would run for Senate again Al Franken urges Trump to give new speech after shootings: 'Try to make it sound like you're sincere, even if you're not' MORE (Minn.), Ed MarkeyEdward (Ed) John MarkeyJoseph Kennedy mulling primary challenge to Markey in Massachusetts Overnight Energy: Trump sparks new fight over endangered species protections | States sue over repeal of Obama power plant rules | Interior changes rules for ethics watchdogs To cash in on innovation, remove market barriers for advanced energy technologies MORE (Mass.), Kirsten GillibrandKirsten Elizabeth GillibrandCastro qualifies for next Democratic primary debates The Hill's Morning Report - Trump searches for backstops amid recession worries 2020 Democrats react to NYPD firing of officer in Garner case: 'Finally' MORE (N.Y.), Mark WarnerMark Robert WarnerFacebook users in lawsuit say company failed to warn them of known risks before 2018 breach New intel chief inherits host of challenges Overnight Defense: US, Russia tensions grow over nuclear arms | Highlights from Esper's Asia trip | Trump strikes neutral tone on Hong Kong protests | General orders ethics review of special forces MORE (Va.), Ron WydenRonald (Ron) Lee WydenWyden blasts FEC Republicans for blocking probe into NRA over possible Russia donations Wyden calls for end to political ad targeting on Facebook, Google Ex-CIA chief worries campaigns falling short on cybersecurity MORE (Ore.), Patty MurrayPatricia (Patty) Lynn MurrayOvernight Health Care: Planned Parenthood to leave federal family planning program absent court action | Democrats demand Trump withdraw rule on transgender health | Cummings, Sanders investigate three drug companies for 'obstructing' probe Democrats demand Trump officials withdraw rule on transgender health The Hill's Morning Report - Progressives, centrists clash in lively Democratic debate MORE (Wash.), Sherrod BrownSherrod Campbell BrownDayton mayor assigned extra security following verbal spat with Trump The Hill's Campaign Report: Battle for Senate begins to take shape Dayton Democrat launches challenge to longtime GOP rep MORE (Ohio), Martin HeinrichMartin Trevor HeinrichOvernight Defense: Dems talk Afghanistan, nukes at Detroit debate | Senate panel advances Hyten nomination | Iranian foreign minister hit with sanctions | Senate confirms UN ambassador Senate committee advances nomination of general accused of sexual assault House passes bill requiring CBP to enact safety, hygiene standards MORE (N.M.) and Tammy BaldwinTammy Suzanne BaldwinRecessions happen when presidents overlook key problems Trade wars and the over-valued dollar Overnight Health Care: Senate panel advances drug pricing bill amid GOP blowback | House panel grills Juul executives | Trump gives boost to state drug import plans | Officials say new migrant kids' shelter to remain open but empty MORE (Wis.) signed the letter.