DoD is not a financial regulator. How will you enforce the rule?
The DoD has no intention of becoming a regulatory body that enforces the rule. We have already received the assurance of the federal regulators that they will overseer the institutions they regulate. Most of the providers of payday and car title loans are regulated by state agencies. We have been in contact with the state-level agencies responsible for overseeing these companies, and we have received assurance from many of them that they will enforce the restrictions imposed by the proposed regulation. We will also be working with the national associations that represent these administrators to see if there are other actions that can be taken.
