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ST. LOUIS NEWS TODAY - Sunday, October 15, 2006
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Sen. Talent's Plan to Stop Predatory Lenders from Targeting Our Troops Signed into Law
WASHINGTON, D.C., (BUSINESS WIRE), October 22, 2006 - U.S. Senator Jim Talent (R-Mo.) has announced that his provision to stop predatory lenders from targeting servicemembers and their families has been signed into law by the President.
Sen. Talent's legislation, cosponsored by U.S. Sen. Bill Nelson (D-Fla.), passed the House and Senate last month as part of the Defense Authorization bill. The new law calls for a 36 percent annual interest rate cap on loans to servicemembers and their families that is consistent with the recent recommendations by the Department of Defense. Before now, there was no federal law stopping predatory lenders from targeting active duty servicemembers who, in some cases, are now paying over 800 percent APR on a loan.
"This is a great day for military families in Missouri and throughout the country," said Sen. Talent, member of the Senate Armed Services Committee. "For the first time ever, we have new protections for our troops and their families that will help tackle the growing predatory lending problem that has impacted our operational readiness. This new law protects those servicemen and women who put so much on the line to protect us."
Predatory lenders have targeted active duty servicemembers who are now paying an average of 390 percent interest on a loan. Missouri has the unfortunate distinction of having a relatively large number and high density of payday lenders around its largest military base, Fort Leonard Wood in Pulaski County. Sen. Talent's legislation applies only to military personnel and their families and offers national protection from abusive lenders including predatory payday lenders. The measure establishes a federal ceiling at 36 percent APR and does not prohibit states from adopting legislation with a lower limit.
More than 80 military, consumer, and civil rights groups support the legislation including: the Association of the United States Army (AUSA), Military Officers Association of America (MOAA), Veterans of Foreign Wars (VFW), Navy League of the United States (NLUS), Air Force Association (AFA), Marine Corps League (MCL), American Legion, and Fleet Reserve Association (FRA), National Association for the Advancement of Colored People (NAACP), Center for Responsible Lending, Consumer Federation of America, and Institute of Consumer Financial Education.
City's Latest Bond Refunding Nets $1.78 Million For Convention Center
ST. LOUIS, (SLFP.com), October 22, 2006 - St. Louis Comptroller Darlene Green has announced that the city closed on $50.6 million in Convention and Sports Facility Project Refunding Bonds creating a $1.78 million savings. The savings is due to lower interest rates and is earmarked for the city's downtown convention center.
"The market was very favorable for this refunding. We realized at least $750,000 more in savings than our best initial estimate. The proceeds will fund improvements to the America's Center complex and can only strengthen our ability to attract conventions and generate tax revenue," explained Comptroller Green.
CVC President Kathleen Ratcliffe envisions upgrading the building's interior among other improvements. These changes will make the building more attractive to convention planners and upgrade the convention center in time for its 30th birthday in June.
"We are very excited about receiving this funding. Since the America's Center complex was expanded, a number of competitive cities also expanded or added buildings to their convention centers. As a result, there are sections of our building that need a face-lift. This money will help us stay competitive in the convention business," said Ratcliffe.
In addition to the savings earmarked for the convention center, the city expects to net as much as $500,000 in interest earnings from the escrow account. This money will go to the city's fiscal year 2008 capital fund.
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