Accepting payments via discretionary military allotments has long been suspect in the eyes of the Consumer Financial Protection Bureau. Military allotments are automatic deductions from military pay. Allotments can be...more
On December 30, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lender that provided installment loans to consumers affiliated with the military over the...more
There’s a new “A” in UDAAP. The CFPB enforcement action has released new regulations for fillings under UDAAP. Adam Maarec, Laurie Lucas (associate professor of legal studies and William S. Spears Chair in Business...more
The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments. The military...more