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Military Service Members Consumer Financial Products Financial Services Industry

Ballard Spahr LLP

CFPB reaches settlement with FirstCash in connection with alleged MLA Violations

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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

Troutman Pepper Locke

CFPB Shifts Focus Away from Buy Now, Pay Later Loans

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The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending...more

Ballard Spahr LLP

VA Winding Down VASP Program

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As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing...more

Troutman Pepper Locke

CFPB Releases Report Highlighting Auto Lending Challenges for Servicemembers

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On January 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report analyzing the auto lending market’s impact on servicemembers. ...more

Ballard Spahr LLP

DOJ and CFPB Remind Institutions of Rate Protections for Servicemembers

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The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees...more

Orrick, Herrington & Sutcliffe LLP

Court rules on CFPB’s motions in case against lender regarding Military Lending Act violations

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

Ballard Spahr LLP

Federal court orders Harris Jewelry to reopen website to allow consumers to request refunds

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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

Orrick, Herrington & Sutcliffe LLP

CFPB’s annual Servicemember Report focuses on student loans

On September 24, the CFPB published its annual report from the Office of Servicemember Affairs. The report highlighted difficulties that active duty and veteran students have experienced with student loan servicers, including...more

Troutman Pepper Locke

CFPB's Focus on Student Loan Servicing: Insights from the Office of Servicemember Affairs Report — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis delves into the latest annual report from the CFPB's Office of Servicemember Affairs. While the report is ostensibly about issues affecting military personnel, it...more

Ballard Spahr LLP

CFPB: Number of servicemember complaints increased in 2023

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The Consumer Financial Protection Bureau’s (“CFPB”) Office of Servicemember Affairs Annual Report was released on September 24, 2024, highlighting areas of concern regarding student lending and noting that the number of...more

Troutman Pepper Locke

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

Ballard Spahr LLP

FTC Orders Career Training Company to Pay $43.5 Million for Luring Students With Deceptive Ads

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Career Step LLC, an online career training company has been ordered to pay $43.5 million in cash and debt cancellation to resolve FTC charges that the company “lured consumers, specifically servicemembers and their families,...more

Orrick, Herrington & Sutcliffe LLP

CFPB says SCRA-related complaints are increasing

On May 23, the CFPB published a blog post reporting that complaints from servicemembers, veterans, and their families significantly increased, with the total number of complaints surpassing 400,000 since the CFPB began...more

Hudson Cook, LLP

CFPB Bites of the Month - April 2024 - Won't Get Fooled Again, CFPB

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In this month's article, we share some of our top "bites" covered during the April 2024 webinar....more

Ballard Spahr LLP

Military Lending Act violations alleged against title lender in Georgia class action

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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

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Payments

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to payments, along with some additional related information....more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Mortgage

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to mortgage along with some additional related information. ...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Nondiscrimination and Military Protection Law

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to consumers protected by nondiscrimination and military protection laws....more

Ballard Spahr LLP

CFPB continues to look to creditors to help servicemembers take advantage of SCRA benefits

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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

Troutman Pepper Locke

CFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud

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On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The...more

Orrick, Herrington & Sutcliffe LLP

Divided 4th Circuit: Including GAP coverage does not eliminate auto loan exemption from MLA

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

Orrick, Herrington & Sutcliffe LLP

DOJ initiates SCRA action over auto auctions and dispositions

On March 3, the DOJ filed a complaint in the U.S. District Court for the Eastern District of North Carolina against a North Carolina-based towing company for allegedly auctioning off, selling, or disposing of vehicles owned...more

Ballard Spahr LLP

FTC issues annual ECOA report to CFPB (UPDATED)

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The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B.  The new letter reports on the FTC’s activities in 2022.  The Bureau...more

Hudson Cook, LLP

New California Law Impedes Creditors' Ability to Offer Voluntary Protection Products to Military Servicemembers

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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

Hudson Cook, LLP

CFPB Sues Online Lender for Alleged Military Lending Act and UDAAP Violations

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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

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