MEDIA RELEASE: Marine Corps Commanding General issues letter opposing predatory lending legislation
Marine Corps Commanding General issues letter opposing predatory lending legislation
Brigadier General T.A. Gorry comes out opposed to House Bill 810, which would increase interest rates and harm service members as well as other working families
RALEIGH (May 9, 2012) -- Brigadier General T.A. Gorry, commanding general of Marine Corps Installations East, re-stated the Marine Corps’ opposition to predatory lending in a new letter. In a letter to North Carolina state legislators, Brigadier General Gorry wrote that House Bill 810 “authorizes a large and unwarranted increase in interest rates that will adversely and disproportionately affect service members and their families.”
Brigadier General Gorry is the Commanding General of Marine Corps Installations East, which includes Camp Lejeune, New River Air Station, and Cherry Point Air Station, as well as installations in South Carolina, Georgia, and Florida.
His letter also describes military provisions in the legislation as “burdensome and ineffective.” He also states that he has reviewed “recent proposed military provisions drafted by HB 810 proponents” and cites several reasons why they are inadequate.
He closes his letter by saying that:
HB 810’s increase in interest rates on small loans will disproportionately and unduly harm military borrowers, and various counseling requirements proposed are likely to do little, if anything, to lesson those harms. The lack of enforceability of the requirements upon the lenders increases the likelihood of circumvention. Therefore, the best way to protect our young warriors from abuses is to limit the risk posed by exorbitant interest rates. I recommend you not pass House Bill 810 into law.
House Bill 810 passed the House on a 60-55 vote on June 2, 2011 with bipartisan opposition and is currently pending in the Senate Rules Committee.
FOR MORE INFORMATION, CONTACT: Chris Kukla, Center For Responsible Lending (919) 308-0770; Alfred Ripley, NC Justice Center (919) 274-8245; Jeff Shaw, NC Justice Center (503) 551-3615.