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Austin Ekeler was concussed late in the Commanders' loss and taken to hospital for evaluationStocks jumped at Monday's open and bond yields retreated as markets welcomed President-elect Donald Trump's nomination of Scott Bessent to be his Treasury secretary. The Dow Jones Industrial Average closed at a new all-time high and the S&P 500 hit a new intraday high early in the opening session of a holiday-shortened week highlighted by a packed economic calendar. In a Friday evening post on Truth Social , Trump described Bessent, the former chief investment strategist of Soros Fund Management, as "one of the world's foremost international investors and geopolitical and economic strategists." The president-elect added, "Scott's story is that of the American Dream." Bessent is also the co-founder of Key Square Group, a macro-focused investment firm that specializes in analyzing economic, political and market conditions to trade across asset classes, including currencies and interest rates as well as commodities and stocks. Subscribe to Kiplinger’s Personal Finance Be a smarter, better informed investor. Sign up for Kiplinger’s Free E-Newsletters Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e-mail. Wall Street is positive about Bessent because of his success as an investor and for the moderating influence he is expected to exert within the Trump administration. In a November 15 op-ed for Fox News on the subject of Trump's primary tool of economic policy, Bessent writes, "The truth is that tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries in the U.S. President-elect Trump has added a third leg to the stool: tariffs as a negotiating tool with our trading partners." "The nomination of Scott Bessent to be U.S. Treasury Secretary has been a catalyst for lower bond yields, higher equity indices and a weaker dollar this morning," writes Kit Juckes , chief forex strategist at Societe Generale. The nomination is a palliative for investors "worried about the size of the U.S. budget deficit and the inflationary impact of tariffs. Whether he can help get the U.S. to 3% GDP growth and a 3% budget deficit time will tell, but for now, he has changed the market mood, if nothing else," Juckes concludes. The yield on the 10-year U.S. Treasury note declined by 15 basis points to 4.27%, while the yield on the 2-year dipped 10 basis points to 4.27%. The Dow backed off its intraday high but still closed at a record level, rising 1% to 44,736. The S&P 500 also slipped from its intraday high but held on for a 0.3% gain to 5,987. The Nasdaq Composite , meanwhile, edged up 0.3% to 19,054. Stocks on the move Earnings season is nearing an end, with 95% of the S&P 500 having reported so far. FactSet Senior Earnings Analyst John Butters notes that with numbers from 462 of the firms in the index, 75% have reported positive earnings per share (EPS) surprises and 61% have reported positive revenue surprises. "For Q3 2024," Butters writes, "the blended (year-over-year) earnings growth rate for the S&P 500 is 5.8%. If 5.8% is the actual growth rate for the quarter, it will mark the 5th straight quarter of year-over-year earnings growth for the index." Bath & Body Works ( BBWI ) was deleted from S&P 500 on October 1, but the stock surged 16.5% after the specialty retailer beat top- and bottom-line expectations for its third quarter and raised its full-year outlook. "Our strong results exceeded the high end of our net sales and earnings per diluted share guidance," said Bath & Body Works CEO Gina Boswell in a statement. "As a result, we are raising our full-year guidance to fully reflect this outperformance." Wall Street remains optimistic about BBWI. According to S&P Global Market Intelligence , the consensus recommendation is Buy, and the average 12-month price target for the consumer discretionary stock is $42.76. Even after Monday's strong showing that's about 20% upside. Macy's ( M ) stock, which was removed from the S&P 500 in April 2020, fell 2.3% after the retailer announced preliminary results for its third quarter, during which sales declined 2.4% year over year. Macy's also announced a delay in filing its quarterly statement with the Securities and Exchange Commission (SEC) after management "identified an issue related to delivery expenses in one of its accrual accounts." Macy's determined a single employee "intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses." The big picture remains murky for the iconic retailer. "It has major disadvantages vs peers around price, product, and service," writes UBS Global Research analyst Jay Sole in a November 18 note. "We believe these dynamics should lead to continuous net losses. M's current stock price does not reflect long-term earnings-per-share challenges, in our view." Incoming data With third-quarter earnings season winding down, investors have a packed economic calendar to capture their attention this week. Note that markets will be closed on Thursday and will shut down early on Friday for the Thanksgiving holiday. Tuesday's releases include the S&P CoreLogic Case-Shiller Home Price Indices at 9 am Eastern time as well as a consumer confidence survey from The Conference Board and new home sales data from the Census Bureau at 10 am. The Federal Reserve will publish the minutes from the November FOMC meeting at 2 pm. And it's a particularly big Wednesday, with initial jobless claims coming in a day early because of the holiday on Thursday. We'll also see data on durable goods orders, retail and wholesale inventories, the U.S. trade balance and the second read on third-quarter GDP. The main event is the release of the Personal Consumption and Expenditures Price Index (PCE) series at 10 am. PCE is the Fed's preferred measure of inflation . "Based on the depth and breadth of the transitions in progress at this time in monetary policy, on Capitol Hill and in the change of Administration along with what appears to be a watershed period in technological innovation, some market participants can't help but wonder if they should be adjusting their portfolio exposures for a myriad of outcomes espoused by various market pundits with widely divergent views and opinions," writes John Stoltzfus of Oppenheimer Asset Management. "For one, while the pace of inflation appears to be slowing enabling the Fed to move towards more rate cuts in the months ahead," Stoltzfus observes, "the latest CPI numbers showed some inflation stickiness that has proved irksome to those with great expectations for more frequent and deeper interest rate cuts." According to the CME FedWatch tool, as of Monday afternoon, there is a 55.9% chance the Federal Open Market Committee cuts the target range for the federal funds rate by 25 basis points at its December 18 meeting. Related content Stock Picks That Billionaires Love Best Bond Funds to Buy Now Six Ways Trump Could Change Your RetirementGreg Schiano’s coaching blunder costs Rutgers football a victory over No. 25 Illinois
HENDERSON, Nev. (AP) — Ashlon Jackson scored a career-high 30 points and No. 14 Duke defeated No. 10 Kansas State, 73-62 on Monday, in the semifinals of the Ball Dawgs Classic. The Blue Devils (6-1) overcame an early 11-point deficit behind Jackon’s shooting hand to advance to Wednesday’s championship game against the winner of the game between No. 9 Oklahoma and DePaul. Jackson, who has scored in double figures in all six of Duke’s games, shot 12 of 19 (63.1%) from the floor, including 6 of 9 (66.7%) from 3-point range. Reigan Richardson added 16 points for the Blue Devils. Kansas State (5-1) was led by Ayoka Lee, who had 16 points. Serena Sundell scored 15 and Kennedy Taylor came off the bench to add 11 for the Wildcats. Takeaways Kansas State: With her 16-point performance, Lee needs 48 points to pass Kendra Wecker (2001-05) for the Kansas State career scoring record. Wecker scored 2,333 points. Lee, the 2024-25 Preseason Big 12 Player of the Year, is averaging 15.3 points. Duke: Jackson hit her season average of 13.3 points by the 3:54 mark of the second quarter when her pull-up jumper gave her 14. The junior guard was 8 of 11 from the floor, including 4 of 5 from 3-point range, and had 20 points by halftime. Key moment With the Blue Devils trailing by six midway through the second quarter, Jackson triggered a 15-0 run with 13 of the team’s points to help Duke take a lead they’d never relinquish. Up next Duke will face the winner of No. 9 Oklahoma-DePaul on Wednesday in the championship game, while Kansas State will face the loser in the consolation game. Get poll alerts and updates on AP Top 25 basketball throughout the season. Sign up here. AP women’s college basketball: https://apnews.com/hub/ap-top-25-womens-college-basketball-poll and https://apnews.com/hub/womens-college-basketballRecent incidents prompt heightened security at Illinois Statehouse
City slumped to their seventh defeat in 10 games in all competitions as they were beaten 2-0 at Juventus in their latest European outing on Wednesday. Second-half goals from Dusan Vlahovic and Weston McKennie at the Allianz Stadium left Guardiola’s side languishing in 22nd place in the standings. Juventus beat Man City 💪 #UCL pic.twitter.com/H4KL15iCke — UEFA Champions League (@ChampionsLeague) December 11, 2024 With just two games of the league phase remaining, a place in the top eight and automatic last-16 qualification looks beyond them and they face a battle just to stay in the top 24 and claim a play-off spot. City manager Guardiola said: “Of course I question myself but I’m stable in good moments and bad moments. “I try to find a way to do it. I’m incredibly honest. If we play good (I say) we played good and today I thought we played good. “Our game will save us. We can do it. We conceded few chances compared to the Nottingham Forest game that we won. We’re making the right tempo. “We missed the last pass, did not arrive in the six-yard box (at the right time) or have the composure at the right moment. “But I love my team. This is life, it happens. Sometimes you have a bad period but I’m going to insist until we’re there.” City now face a crunch trip to Paris St Germain, who are also at risk of failing to qualify, next month. Guardiola accepts the top 24 is now the only aim. He said: “It’s the target. We need one point or three points. We go to Paris to try to do it and the last game at home.” Veteran midfielder Ilkay Gundogan said after the game he felt City were suffering from a loss of confidence but Guardiola dismissed his player’s comments. “I am not agreeing with Ilkay,” he said. “Of course it is tough but, except one or two games in this period, we’ve played good.” City now face a further test of their resolve as they host rivals Manchester United in a derby on Sunday. "We played well" Pep Guardiola trusts in his squad despite 2-0 loss to Juventus... 📺 @tntsports & @discoveryplusUK pic.twitter.com/VrmTzcTrEF — Football on TNT Sports (@footballontnt) December 11, 2024 Gundogan told TNT Sports: “It (confidence) is a big part of it. That’s a mental issue as well. “You can see that sometimes we miss the ball or lose a duel and you see that we drop immediately and lose the rhythm. They (the opponents) don’t even need to do much but it has such a big effect on us right now. “Even more you have to do the simple things as good as possible and create and fluidity, then it’s work hard again. This is how you get confidence back – do the small and simple things, (but) in crucial moments at the moment we are always doing the wrong things.” Juventus coach Thiago Motta was pleased with the hosts’ performance, which boosted their hopes of making the top eight. “It was a deserved victory,” he said. “We had to defend as a team and be ready to attack with quality. “We have shown we can compete at this level and now we have to do it consistently.”
What are Turkiye’s Interests in Syria?No. 6 Notre Dame and No. 19 Army are set to revive their rivalry Saturday evening as they clash inside New York's Yankee Stadium. This will be the first meeting between the two programs since 2016, and just the fourth since the turn of the century. This will be the first time that both hold a spot in the College Football Playoff rankings and the first that both are ranked in the AP Top 25 poll entering a matchup since 1958. That's good news for Army: the Black Knights walked out of South Bend, Indiana with a 14-2 win on Oct. 11, 1958. That was Army's last win in the series. Notre Dame has ripped off 15-straight victories in the interim years -- the longest win streak in the rivalry's history. The Irish hold a 39-8-4 advantage in the all-time series. As the rankings may suggest, there are plenty of stakes in this game. Notre Dame likely needs to finish the year undefeated if it wants to feel good about its College Football Playoff standing, given that the Irish don't have a conference championship to play for in the postseason. Army, on the other hand, has already secured its spot in the American Athletic Conference Championship Game, but the Black Knights can establish themselves as a serious threat for more with a win against Notre Dame. Follow along with LIVE updates from Notre Dame's game vs. Army How to watch Notre Dame vs. Army live Date : Saturday, Nov. 23 | Time : 7 p.m. ET Location : Yankee Stadium -- Bronx, New York TV: NBC | Live stream: fubo (Try for free) Notre Dame vs. Army: Need to know Notre Dame is on a tear: Remember when Notre Dame lost to Northern Illinois ? The Fighting Irish have done everything they can to put that low point in the rearview mirror. They have ripped off eight straight wins since, most of which have come in dominant fashion. In fact, Notre Dame has outscored its opponents by 32.3 points per game during its current run, which is its best points-per-game differential over an eight-game span since 1977 when Joe Montana was quarterbacking the Irish. Their only real test came on Sept. 28, when they eked out a 31-24 win against Louisville . Every win since has come by at least two possessions and Notre Dame has held seven of its last eight opponents under 20 points. Army on the brink of history: Army is in the midst of a truly special season. The Black Knights have steadily climbed the rankings and now they have a chance to start 10-0 for the first time in program history. It's not going to be easy, obviously. Army has lost 28-straight games against top-10 opponents, with its last such win coming in 1963 against Penn State . This is also a real "prove it" opportunity for Army, which can cement itself as a legitimate College Football Playoff contender with the win. The Black Knights don't have the best résumé otherwise, even if they are undefeated. All of their opponents to this point boast a combined record of 27-53. Army has just one win against an opponent with a record above .500 and it allowed a season-high 28 points in that game. Points could come at a premium: Army currently ranks fourth in the American Athletic Conference with 35.2 points per game. Notre Dame's 38 points per game are good for 11th in the nation. Given that, one might expect a high-scoring affair in New York. That is, until you consider Army and Notre Dame field two of the best defenses in the FBS. The Black Knights currently rank second nationally -- just .03 points behind Ohio State for first place -- while surrendering 10.33 points per game. Notre Dame and its 11.4 points allowed per game are not far behind in third place. Both teams also rank top 10 nationally in total defense. Notre Dame vs. Army prediction, picks Army has enjoyed a great year thus far, and the Black Knights are a good team. But we've already seen a similar game play out this year when Notre Dame beat Navy 51-14. Now, Army looks like a more complete team than Navy did at any point. The same issues should arise for the Black Knights, though. Simply put: Notre Dame has a significant size advantage in the trenches. The Irish also have the athletes to cover the edges and erase a lot of what Army's triple option tries to accomplish to compensate for the size disparity. So long as Notre Dame can stick to its assignments and not get wrapped up in any motion, this should be a comfortable win. Pick: Notre Dame -14.5 (-110) All sports betting odds via DraftKings Sportsbook . Check out the latest DraftKings promo code to get in the game. SportsLine's proven computer model is calling for five outright upsets in Week 13 of college football . Visit SportsLine now to see them all , plus get spread picks for every game from the model that simulates each game 10,000 times.
WASHINGTON — The House on Wednesday passed a $895 billion measure that authorizes a 1% increase in defense spending this fiscal year and would give a double-digit pay raise to about half of the enlisted service members in the military. The bill is traditionally strongly bipartisan, but some Democratic lawmakers opposed the inclusion of a ban on transgender medical treatments for children of military members if such treatment could result in sterilization. It passed by a vote of 281-140 and next moves to the Senate, where lawmakers sought a bigger boost in defense spending than the current measure allows. The Pentagon and the surrounding area is seen Jan. 26, 2020, from the air in Washington. Lawmakers are touting the bill's 14.5% pay raise for junior enlisted service members and a 4.5% increase for others as key to improving the quality of life for those serving in the U.S. military. Those serving as junior enlisted personnel are in pay grades that generally track with their first enlistment term. Lawmakers said service member pay failed to remain competitive with the private sector, forcing many military families to rely on food banks and government assistance programs to put food on the table. The bill also provides significant new resources for child care and housing. "No service member should have to live in squalid conditions and no military family should have to rely on food stamps to feed their children, but that's exactly what many of our service members are experiencing, especially the junior enlisted," said Rep. Mike Rogers, R-Ala., chairman of the House Armed Services Committee. "This bill goes a long way to fixing that." The bill sets key Pentagon policy that lawmakers will attempt to fund through a follow-up appropriations bill. The overall spending tracks the numbers established in a 2023 agreement that then-Speaker Kevin McCarthy, R-Calif., reached with President Joe Biden to increase the nation's borrowing authority and avoid a federal default in exchange for spending restraints. Many senators had wanted to increase defense spending some $25 billion above what was called for in that agreement, but those efforts failed. Sen. Roger Wicker, R-Miss., who is expected to serve as the next chairman of the Senate Armed Services Committee, said the overall spending level was a "tremendous loss for our national defense," though he agreed with many provisions within the bill. "We need to make a generational investment to deter the Axis of Aggressors. I will not cease work with my congressional colleagues, the Trump administration, and others until we achieve it," Wicker said. Sen. Roger Wicker, R-Miss., speaks with reporters Nov. 21 on Capitol Hill in Washington. House Republicans don't want to go above the McCarthy-Biden agreement for defense spending and are looking to go way below it for many non-defense programs. They are also focused on cultural issues. The bill prohibits funding for teaching critical race theory in the military and prohibits TRICARE health plans from covering gender dysphoria treatment for children under 18 if that treatment could result in sterilization. Rep. Adam Smith of Washington state, the ranking Democratic member of the House Armed Services Committee, said minors dealing with gender dysphoria is a "very real problem." He said the treatments available, including puberty blockers and hormone therapy, have proven effective at helping young people dealing with suicidal thoughts, anxiety and depression. "These treatments changed their lives and in many cases saved their lives," Smith said. "And in this bill, we decided we're going to bar service members' children from having access to that." Smith said the number of minors in service member families receiving transgender medical care extends into the thousands. He could have supported a study asking medical experts to determine whether such treatments are too often used, but a ban on health insurance coverage went too far. He said Speaker Mike Johnson's office insisted on the ban and said the provision "taints an otherwise excellent piece of legislation." Rep. Chip Roy, R-Texas, called the ban a step in the right direction, saying, "I think these questions need to be pulled out of the debate of defense, so we can get back to the business of defending the United States of America without having to deal with social engineering debates." Smith said he agrees with Roy that lawmakers should be focused on the military and not on cultural conflicts, "and yet, here it is in this bill." Branden Marty, a Navy veteran who served for 13 years, said the loss of health coverage for transgender medical treatments could prompt some with valuable experience to leave the military, affecting national security because "we already struggle from a recruiting and retention standpoint." He also said the bill could regularly force service members into difficult choices financially. "It will be tough for a lot of them because of out-of-pocket expenses, especially enlisted members who we know already struggle with food insecurity," said Marty, the father of a transgender teenager. "They don't get paid very much, so they're going to be making a lot of choices on a day-to-day, tactical level." House Minority Leader Hakeem Jeffries, D-N.Y., responds to reporters Dec. 6 during his weekly news conference at the Capitol in Washington. Rep. Hakeem Jeffries, the House Democratic leader, said his team did not tell Democrats how to vote on the bill. "There's a lot of positive things in the National Defense Authorization Act that were negotiated in a bipartisan way, and there are some troubling provisions in a few areas as well," Jeffries said. Overall, 81 Democrats voted for the bill and 124 against it. On the Republican side, 200 voted for the bill and 16 against it. "It's disappointing to see 124 of my Democrat colleagues vote against our brave men and women in uniform over policies that have nothing to do with their intended mission," Johnson, R-La., said. The defense policy bill also looks to strengthen deterrence against China. It calls for investing $15.6 billion to build military capabilities in the Indo-Pacific region. The Biden administration requested about $10 billion. On Israel, the bill, among other things, includes an expansion of U.S. joint military exercises with Israel and a prohibition on the Pentagon citing casualty data from Hamas. The defense policy bill is one of the final measures that lawmakers view as a must-pass before making way for a new Congress in January. Rising threats from debt collectors against members of the U.S. armed forces are undermining national security, according to data from the Consumer Financial Protection Bureau (CFPB), a federal watchdog that protects consumer rights. To manage the impact of financial stress on individual performance, the Defense Department dedicates precious resources to improving financial literacy, so service members know the dangers of notorious no-credit-check loans. “The financial well-being of service members and their families is one of the Department’s top priorities,” said Andrew Cohen, the director of financial readiness in the Office of the Deputy Assistant Secretary of Defense at the Pentagon. But debt collectors are gaining ground. Last quarter, debt collection complaints by U.S. military service members increased 24% , and attempts to collect on “debts not owed” surged 40%. Complaints by service members against debt collectors for deceptive practices ballooned from 1,360 in the fourth quarter of 2023 to 1,833 in the first quarter of 2024. “There’s a connection between the financial readiness and the readiness of a service member to perform their duty,” said Jim Rice, Assistant Director, Office of Servicemember Affairs at the Consumer Financial Protection Bureau. Laws exist to protect the mission readiness of U.S. troops from being compromised by threats and intimidation, but debt collectors appear to be violating them at an alarming pace. “If they’re threatening to call your commander or get your security clearance revoked, that’s illegal,” says Deborah Olvera, financial readiness manager at Wounded Warriors Project, and a military spouse who’s been harassed herself by a collection agency that tried to extort money from her for a debt she didn’t owe. But after she requested the name of the original creditor, she never heard from them again. “The financial well-being of service members and their families is one of the Department’s top priorities.” —Andrew Cohen, Director of Financial Readiness at the Pentagon Under the Fair Debt Collection Practices Act, it’s illegal for debt collectors to threaten to contact your boss or have you arrested because it violates your financial privacy. The FDCPA also prohibits debt collectors from making false, deceptive, or misleading representations in connection with the collection of a debt, even for borrowers with bad credit scores. But according to the data, debt collectors are increasingly ignoring those rules. “Debt collection continues to be one of the top consumer complaint categories,” said a spokesperson at the Federal Trade Commission. The commission released a report earlier this year revealing that consumers were scammed $10 billion in 2023, a new benchmark for fraud losses. In his book Debt: The First 5,000 Years, David Graeber argues that debt often creates a relationship that can feel more oppressive than systems of hierarchy, like slavery or caste systems because it starts by presuming equality between the debtor and the creditor. When the debtor falls into arrears, that equality is then destroyed. This sense of betrayal and the subsequent imbalance of power leads to widespread resentment toward lenders. Photo Credit: Olena Yakobchuk / Shutterstock The debt collector reportedly harassing military service members most was Resurgent Capital Services, a subsidiary of collection giant Sherman Financial Group. The company tacks on accrued interest and junk fees and tries to collect on debts purchased for pennies on the dollar from cable companies, hospitals, and credit card companies, among others. Sherman Financial Group is run by billionaire Benjamin Navarro, who has a reported net worth of $1.5 billion, according to Forbes. Sherman Financial also owns subprime lender Credit One Bank and LVNV Funding, which outsource collections to Resurgent Capital. According to CFPB data, the second worst offender is CL Holdings, the parent company of debt-buyer Jefferson Capital Systems. The company has also been named in numerous complaints to the Better Business Bureau for alleged violations of the FDCPA, such as failing to properly validate debts or update credit reports with accurate information. Under the leadership of CEO David Burton, Jefferson Capital Systems is a wholly-owned subsidiary of CompuCredit Corporation, which markets subprime credit cards under the names Aspire, Majestic, and others. The third most referenced debt collector is publicly traded Portfolio Recovery Associates [NASDAQ: PRAA], which was forced to pay $27 million in penalties for making false representations about debts, initiating lawsuits without proper documentation, and other violations. Portfolio Recovery Associates is run by CEO Vikram Atal. Fourth place for alleged worst offender goes to Encore Capital Group [NASDAQ ECPG], which was required to pay $42 million in consumer refunds and a $10 million penalty for violating the Fair Debt Collection Practices Act. Encore collects under its subsidiary Midland Credit Management Group. These debt collectors all operate under a veritable shell game of company and brand names, almost none of which are disclosed on their websites, sending consumers on a wild goose chase to try and figure out how they’re related to each other. But despite their attempts to hide their tracks behind a smoke screen of subsidiaries, a leopard can’t change its spots, and the CFPB complaint database makes it harder for them to try. Photo Credit: Bumble Dee / Shutterstock Although widely considered a consumer-friendly state, complaints spiked most in California, which saw a 188% increase in complaints filed from the fourth quarter of 2023 to the first quarter of 2024. California is home to 157,367 military personnel, making it the most populous state for active-duty service members. The second-largest increase in debt collection complaints was in Texas, which saw a 66% jump from the fourth quarter of 2023 to the first quarter of 2024. The U.S. Department of Defense reports 111,005 service members stationed in the Lone Star State, which is the third-most populous state for active-duty military. The rising trends do not correlate to the number of military personnel by state. Complaints against debt collectors in Virginia, the second most populous state with 126,145 active duty personnel, decreased by 29% in the same quarter-over-quarter period. And complaints filed quarter-over-quarter in North Carolina, the fifth most populous state with 91,077 military personnel, decreased by 3% in the same period. The third largest percentage increase in debt collection complaints was from service members stationed in Maryland, where alleged harassment reports jumped 112% from the fourth quarter of 2023 to the first quarter of 2024. Maryland ranks number 12 with just 28,059 active duty service members. Fourth place goes to Ohio – the 28th most populous active-duty state – where complaints doubled, followed by Arizona – the 15th most populous military state – where complaints were up 70% in the same quarter-over-quarter period. Photo Credit: PeopleImages.com - Yuri A / Shutterstock In 2007, Congress passed the Military Lending Act to cap the cost of credit to a 36% annual percentage rate, inclusive of junk fees and late charges, for active duty military service members. That rate is still considerably higher than average credit card rates, which range from 8% for borrowers with excellent credit scores to as high as 36% for borrowers with bad credit. But lenders still get hauled into court for violating the MLA. Don Hankey, the billionaire subprime auto lender who funded Donald Trump’s $175 million appeal bond , is among those violators. His company, Westlake Financial, which markets high-interest car loans for bad credit, has been sued twice by the Department of Justice for harassing military service members. In 2017, the DoJ alleged Hankey’s Westlake Financial illegally repossessed at least 70 vehicles owned by military service members. Westlake Financial paid $700,000 to settle the charges. In 2022, Westlake Financial paid $250,000 for allegedly cheating U.S. troops out of interest rates they were legally entitled to. Westlake Financial continues to receive complaints from military service members alleging abusive debt collection practices on its no-credit-check loans. A steady year-over-year increase in the number of complaints filed against Westlake Financial continued from 2020 to 2023. Consumer Financial Protection Bureau data shows a 13% increase in the number of complaints against the company from 2020 to 2021, a 28% increase from 2021 to 2022, and a torrential 119% surge from 2022 to 2023. The numbers suggest systemic complaint-handling processes and inadequate customer service resources. Photo Credit: Cynthia Shirk / Shutterstock On May 16, 2024, a deceptively named predatory lending industry front group dubbed the Community Financial Services Association of America (CFSA) lost a legal attempt to defund the Consumer Financial Protection Bureau. In an effort to deprive Americans of essential consumer protections, the lobby group argued that the Consumer Financial Protection Bureau’s funding structure was unconstitutional. But the Supreme Court denied its claim. In a 7-2 ruling, the Court held that the Consumer Financial Protection Bureau’s funding structure is indeed constitutional. That means the Consumer Financial Protection Bureau cannot be defunded, but it does not mean the agency cannot be defanged. The New York Times suggested that Hankey’s incentive to finance Trump’s $175 million bond could have been a reciprocity pledge to neuter the Consumer Financial Protection Bureau if Trump wins the upcoming U.S. presidential election. If Trump wins a second term, he could replace Consumer Financial Protection Bureau director Rohit Chopra, an American consumer advocate, with a predatory lending advocate. In 2020, the Trump Administration secured a Supreme Court ruling that made it easier for the president to fire the head of the Consumer Financial Protection Bureau. The ruling struck down previous restrictions on when a president can fire the bureau’s director. Like other federal agencies, the Consumer Financial Protection Bureau has also been confronted for overstepping its bounds, pushing too far, and acting unfairly against entities it regulates. Photo Credit: Lux Blue / Shutterstock Seasonality and rising interest rates do not explain the increase in debt collection complaints from service members. The surge in complaints is not tied to predictable seasonal fluctuations or changes in interest rates. The increase in debt collection complaints by service members may point to underlying systemic issues, such as aggressive and predatory debt collection practices that exploit the unique financial vulnerabilities of service members, who face frequent relocations and deployments. Debt Complaints by Service Members The 24% spike in debt collection complaints exhibits no correlation to fluctuations in interest rates. 30-Year Fixed Mortgage Rates Pandemic stimulus checks were also not a factor. COVID-19 relief benefit checks went through three major rounds during the pandemic. The final round of Economic Impact Payments went out in March 2021 . To better understand the rising trend of debt collection complaints, we calculated the increase in the total number of complaints and the percentage increase quarter-over-quarter. For example, New Jersey has the second largest percentage increase in complaints quarter-over-quarter, but the total number of complaints increased by just 16. The data for this study was sourced from the Consumer Financial Protection Bureau (CFPB) complaint database. The dataset specifically targeted complaints filed by U.S. military service members, identified using the tag “Servicemember” within Q4 2023 and Q1 2024. Readers can find the detailed research methodology underlying this news story in the accompanying section here . For complete results, see U.S. Troops Face Mounting Threats from Predatory Debt Collectors on BadCredit.org . Homelessness reached record levels in 2023, as rents and home prices continued to rise in most of the U.S. One group was particularly impacted: people who have served in the U.S. military. "This time last year, we knew the nation was facing a deadly public health crisis," Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said in a statement about the 2023 numbers. He said the latest homelessness estimates from the Department of Housing and Urban Development "confirms the depth of the crisis." At least 35,000 veterans were experiencing homelessness in 2023, according to HUD. While that's about half of what it was in 2009—when the organization began collecting data—things have plateaued in recent years despite active efforts to get that number to zero. Although they make up just 6.6% of the total homeless population, veterans are more likely to be at risk of homelessness than Americans overall. Of every 10,000 Americans, 20 were experiencing homelessness. Of veterans living in the United States, that number jumps to 22, HUD data shows. Complicated by bureaucracy, family dynamics, and prejudice, the path from serving in the military to homelessness is a long one. According to a 2022 study by Yale School of Medicine researchers, homelessness typically occurs within four years of leaving the military, as veterans must contend with the harsh reality of finding a job in a world where employers struggle to see how skills on the battlefield transfer to a corporate environment. These days, veterans also deal with historically high rent and home prices, which causes many to rely on family generosity while figuring out a game plan. Stacker examined academic studies, analyzed government data, and spoke with members of the Biden administration, experts, and former members of the armed forces to see the struggles members of the military face when leaving the armed forces. The Department of Veterans Affairs offers transition assistance to the roughly 250,000 service members who leave each year. However, those programs can be burdensome and complex to navigate, especially for those who don't have a plan for post-military life. Only a small portion of veterans have jobs lined up when they leave, according to 2019 Pew Research. Many also choose to live with relatives until they get on their feet, which can be longer than anticipated. Some former service members are unsure what kind of career they'd like to pursue and may have to get further education or training, Carl Castro, director of the Military and Veteran Programs at the Suzanne Dworak-Peck School of Social Work at the University of Southern California, told Stacker. "It takes years for that kind of transition," Castro said. Many have trouble finding a job after leaving the service, even if they are qualified. Some employers carry misconceptions about those who have served. A 2020 analysis from the journal Human Resource Management Review found that some veterans face hiring discrimination due to negative stereotypes that lead hiring managers to write them off as a poor culture fit. Underemployment, or working low-wage jobs below their skill level, is also an issue. While the unemployment rate for veterans was 3% in March 2024, a study released by Penn State at the end of 2023 found three years after leaving the service, 61% of veterans said they were underemployed because of perceived skill mismatches . This phenomenon can have long-term economic effects, and eventually, that frustration can boil over, strain relationships, and potentially lead to housing instability. Working, especially a low-wage job, is not protection against homelessness. A 2021 study from the University of Chicago found half of people living in homeless shelters and 2 in 5 unsheltered people were employed, full or part-time. High rents make it difficult to save up, even when applying for a VA loan—a mortgage backed by the Department of Veterans Affairs that typically has more favorable terms. While the VA does not require a downpayment, some lenders, who ultimately provide the loan, do. They're not entirely risk-free either, and veterans can still lose their homes if they are unable to keep up with their mortgages. In November 2023, the VA put a six-month pause on foreclosures when an NPR investigation found thousands of veterans were in danger of losing their homes after a COVID forbearance program ended. Biden officials pointed to high rents and the end of COVID-era housing restrictions like eviction moratoriums to explain the spike in Americans experiencing homelessness. In the last year, homelessness rose 12%—to more than 650,000 people—the highest level since data began being collected in 2007. Overall, more than half of people experiencing homelessness in 2023 live in states with high living costs. Most were in California, followed by New York and Florida. Western states, including Montana and Utah, experienced massive population growth during the pandemic, becoming hubs for remote workers who drove home prices and rents even further. For veterans, housing costs certainly play a role, but those who leave the military also face systemic barriers. "It's worrying there are people that continue to fall through the cracks," said Jeanette Yih Harvie, a research associate at Syracuse University's D'Aniello Institute for Veterans and Military Families. Just under a quarter of adults experiencing homelessness have a severe mental illness , according to 2022 HUD survey data. They are also likely to have chronic illnesses but are unable to maintain preventative care, which only exacerbates these problems. Veterans facing homelessness are more likely to have experienced trauma , either before or after joining the military, according to Yale researchers who analyzed the 2019-2020 National Health and Resilience in Veterans Study. Childhood trauma was among the most significant commonalities among vets who become homeless. Substance use disorder is also widespread and can indicate an undiagnosed mental illness . Racial and ethnic disparities are at play, too. A 2023 study in the Journal of Psychiatric Research showed that Hispanic and Black veterans were more likely to screen positive for PTSD, and Hispanic veterans were more likely to report having suicidal ideation. Overall, access to mental health care has improved in the last decade or so. In December 2023, the VA announced it would open nine additional counseling centers. However, the stigma of getting help remains, especially after years of being conditioned to be self-reliant and pull oneself up by their bootstraps. That help, in the form of public policy, is slowly working to catch up to the need. In 2023, the Biden administration invested millions into research programs and studies on suicide prevention by the VA office in addition to a proposed $16 billion to improve quality and lower-cost mental health care services for veterans. And, in February of this year, HUD and the VA announced they would give up to $14 million in vouchers to public housing agencies for veterans experiencing homelessness. The program would also offer case management and other services. Still, with a culture that pushes people to keep going, it can be challenging for servicemembers to take advantage of these opportunities, Harvie said. "When you've been doing that for the last 15 or 20 years, it's difficult to stop and say, 'I'm the person that needs help.'" Story editing by Kelly Glass. Copy editing by Kristen Wegrzyn. Get Government & Politics updates in your inbox!Afghan women turn to entrepreneurship under Taliban