President Bush recently signed into law an amendment to the Miscellaneous Prohibitions and Penalties chapter of the General Military Law which prohibits creditors from entering into payday loan and title loan agreements with active duty service members.

Listen to this short podcast with Rick Eckman and Albert Manwaring. Rick chairs Pepper’s Financial Services Practice Group and Albert is a Pepper partner and lieutenant colonel in the Judge Advocate General Corps of the U.S. Army Reserves. This podcast discusses the host of issues this amendment raises and why it is very troubling for the entire consumer credit industry.