Tester Pushes Bill to Protect Troops from Big Banks
Senator Jon Tester's bill to protect American troops from big banks cleared a key hurdle today.
During a combat tour, finances are often much more difficult for deployed service members to address.
Those service members can fall victim to a missed mortgage payment and increased interest rate.
Tester's bill extends the time that returning troops are protected from interest rate increases, foreclosures or seizures of their homes.
"I'm proud we got this bill out of committee. It will help shield our troops and our veterans from the big banks that are trying to take advantage of them. Our veterans need to really focus on their families and their livelihoods, not on some big bank that's trying to take away their house or a bad mortgage or the bad actors that are behind that mortgage," Tester says.
Wall Street bank JP Morgan Chase recently admitted that they have overcharged 4 thousand 500 servicemembers.
The bank faces a class action lawsuit.
Tester's bill now goes to the full senate for approval.