Earlier this month, the Office of Servicemember Affairs (OSA) released its annual report covering the Office’s activities during fiscal year 2019, which covers the period of October 1, 2018 to September 30, 2019....more
In a new interpretive rule published on February 28, 2020, the Department of Defense (DoD) has announced that it is withdrawing guidance previously issued in its December 14, 2017 Interpretive Rule, Q&A #2, governing motor...more
3/2/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Insurance Products ,
Consumer Lenders ,
Department of Defense (DOD) ,
Financial Transactions ,
Financing ,
Interpretive Rule ,
ITIN ,
Military Lending Act ,
Military Service Members ,
Motor Vehicles ,
Personal Property ,
Regulatory Requirements ,
Residency Status ,
Safe Harbors
The Justice Department announced in a March 15 press release that it has reached an agreement with property management company PRG Real Estate Management (PRG) and several related entities to settle claims that PRG violated...more
On March 6, 2019, a California subprime auto lender, California Auto Finance, agreed to enter into a consent order with the Justice Department related to allegations that it repossessed vehicles in violation of the...more
3/11/2019
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Services Industry ,
Military Service Members ,
Regulatory Violations ,
Repossess ,
Servicemembers Civil Relief Act (SCRA) ,
Subprime Loans
Last week, the CFPB Ombudsman’s Office released its seventh annual report covering the Office’s activities during fiscal year 2018. The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential...more
On September 19, 2018, California enacted AB-3212. The Bill amends the California Military and Veterans Code to expand the protections offered to qualifying servicemembers under state law and to impose new criminal penalties...more
10/5/2018
/ Active Duty ,
Asset Seizure ,
Consumer Financial Products ,
Credit Reports ,
Debt Collection ,
Financial Services Industry ,
Foreclosure ,
Interest Rates ,
Military Service Members ,
Mortgages ,
New Legislation ,
State and Local Government
NPR reported last week that the Trump Administration is planning to end the current prohibition under the Military Lending Act (“MLA”) against creditors offering service members GAP insurance in connection with credit...more
The 2018 CFPB Research Conference will take place at the Crystal Gateway Marriott Hotel in Arlington, Virginia on May 3-4, 2018. The conference is an opportunity for researchers and policymakers to learn about recent...more
The United States Department of Justice announced last week that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations the companies violated the...more
10/4/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Military Service Members ,
Motor Vehicles ,
Repossess ,
Servicemembers Civil Relief Act (SCRA)