Final answer:
Military regulations discourage financial dealings between Officers and Enlisted personnel due to potential power imbalances and perceptions of impropriety. Payday lenders have historically targeted military members, prompting a need for stricter regulations. Service members can find better financial services through military-focused credit unions like Navy Federal Credit Union.
Step-by-step explanation:
Military personnel, both Officers and Enlisted members, are subject to specific regulations when it comes to financial interactions among themselves. It is generally discouraged for officers to engage in financial dealings with enlisted personnel, because the military maintains strict rules about fraternization and professional conduct. The potential power imbalance between ranks might cause problems or perceptions of favoritism or coercion.
In the civilian world, payday lenders have been seen targeting military personnel, which has led legislators to call for tighter regulations. For example, a prevalent pattern of payday lending stores clustering near military bases such as McChord Air Force Base/Fort Lewis in Washington can be observed. This indicates a problematic targeting of military service members by the payday lending industry, encouraging the need for better financial protections for these personnel.
Military members may find better rates and financial services through institutions like the Teacher's Union, the Government Employees Credit Union (GECU), or Navy Federal Credit Union, which serve government and military employees. These credit unions tend to have a better understanding of the unique financial needs of service members and offer more favorable terms compared to typical financial institutions or payday lenders.