REPORT ON PREDATORY LENDING PRACTICES DIRECTED AT MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS.

SEC. 579. REPORT ON PREDATORY LENDING PRACTICES DIRECTED AT MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS.(a) Report Required.—Not later than 180 days after the date of the enactment of this Act, the Secretary of Defense shall submit to the appropriate committees of Congress a report on predatory lending practices directed at members of the Armed Forces and their families. The report shall be prepared in consultation with the Secretary of the Treasury, the Chairman of the Federal Reserve, the Chairman of the Federal Deposit Insurance Corporation, and representatives of military charity organizations and consumer organizations.(b) Elements.—The report under subsection (a) shall include the following:(1) A description of the prevalence of predatory lending practices directed at members of the Armed Forces and their families.(2) An assessment of the effects of predatory lending practices on members of the Armed Forces and their families.(3) A description of the strategy of the Department of Defense, and of any current or planned programs of the Department, to educate members of the Armed Forces and their families regarding predatory lending practices.(4) A description of the strategy of the Department of Defense, and of any current or planned programs of the Department, to reduce or eliminate—(A) the prevalence of predatory lending practices directed at members of the Armed Forces and their families; and(B) the negative effect of such practices on members of the Armed Forces and their families.(5) Recommendations for additional legislative and administrative action to reduce or eliminate predatory lending 119 STAT. 3277 practices directed at members of the Armed Forces and their families.(c) Definitions.—In this section:(1) The term “appropriate committees of Congress” means—(A) the Committee on Armed Services and the Committee on Banking, Housing, and Urban Affairs of the Senate; and(B) the Committee on Armed Services and the Committee on Financial Services of the House of Representatives.(2) The term “predatory lending practice” means an unfair or abusive loan or credit sale transaction or collection practice.