The U.S. Senate has passed legislation meant to spur economic growth that includes an effort to protect service members from predatory lending.
The Economic Growth, Regulatory Relief and Consumer Protection Act was approved by a bipartisan group of senators earlier this month. The bill includes legislation offered by Sens. Thom Tillis and Elizabeth Warren that would protect veterans from being targeted by predatory home loan practices.
The bill now must be considered by the House before becoming law.
Tillis, a North Carolina Republican, and Warren, a Massachusetts Democrat, had previously introduced the protections as part of the Protecting Veterans from Predatory Lending Act of 2018. The legislation would require lenders to demonstrate a material benefit to consumers when refinancing their mortgage.