Unraveling the Legal Threads: A Deep Dive Into Earned Wage Access - Payments Pros: The Payments Law Podcast
California Updates Protections for Service Members and Veterans - The Consumer Finance Podcast
Military Lending Act and Servicemembers Civil Relief Act Overview - The Consumer Finance Podcast
The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed...more
On January 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report analyzing the auto lending market’s impact on servicemembers. ...more
FirstCash, a national pawnshop chain, cannot use the “bona-fide error defense” in its defense of a Military Lending Act (MLA) suit filed by the CFPB against the company, a federal judge has ruled in a case of first...more
On November 7, the U.S. District Court for the Northern District of Texas entered an opinion and order in a case involving the CFPB and a consumer lender and its subsidiaries (the defendants) addressing two motions: the...more
A federal court has ordered Harris Jewelry to reopen its claims process and to again notify consumers that they may submit their claims for refunds from the jewelry company....more
On February 21, a proposed class action lawsuit was filed against an auto finance company in the U.S. District Court for the Northern District of Georgia alleging various violations of the Military Lending Act (“MLA”). The...more
A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based...more
On January 12, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a report highlighting an increase in reported incidents of identity theft by servicemembers. The report, titled “Servicemember reports about...more
On April 12, a split U.S. Court of Appeals for the Fourth Circuit held that loans borrowed in part to finance the purchase of a car are not governed by the Military Lending Act (MLA), even when the loan covers additional...more
California recently enacted Senate Bill 1311, the Military and Veteran Consumer Protection Act of 2022, with the stated intent of strengthening the state's military consumer protection laws by enhancing protections for...more
On November 22, 2022, the Consumer Financial Protection Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) filed an amicus brief in a case involving the right of servicemembers to sue under the Military Lending Act...more
HIGHLIGHTS: The lawsuit alleges that the lender charged more than the allowed 36% rate cap under the Military Lending Act on loans to servicemembers and their dependents, through interest rates and monthly membership fees....more
On September 29, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the United States District Court for the Southern District of New York against an online lender and 38 of its subsidiaries...more
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
The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) highlighted their efforts to aggressively enforce provisions of the Military Lending Act (MLA) in a recently issued press release and...more
The Consumer Financial Protection Bureau (CFPB) recently highlighted its concerns regarding the use of military allotments for loan repayment, inviting servicemembers who believe they have been treated unfairly by companies...more
I have always been a fan of suspenseful entertainment. I really like television shows where it looks like the protagonist is doomed, but then escapes, lands back in trouble, and gets out ... again! So fun. Originally...more
On November 12, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint in the United States District Court for the Northern District of Texas against two pawnshop lenders, alleging...more
CFPB Reasserts Its Authority To Oversee/Supervise Lending to Military Personnel - The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule on June 16, 2021 supporting its determination that it has the...more
On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The...more
In a blog post published on January 28, 2021 sharing a statement sent to CFPB staff, Acting Director David Uejio announced several new priorities for the CFPB’s Supervision, Enforcement and Fair Lending Division under the...more
On December 4, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against an online lender that offers single-payment and installment loans to consumers for alleged violations of the Military...more
In a significant victory for servicemembers and their families, who will again have access to products designed to protect them in the event of a total vehicle loss, the Department of Defense has revised its guidance that...more
The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more
The Consumer Financial Protection Bureau on January 17, 2019, asked Congress to grant the bureau clear authority to supervise compliance-related issues for the Military Lending Act. CFPB Director Kathy Kraninger transmitted a...more