News & Analysis as of

Military Service Members Consumer Financial Protection Bureau (CFPB) Military Lending Act

Sheppard Mullin Richter & Hampton LLP

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

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

Goodwin

CFPB Enters Into $15 Million Settlement with Auto Lender

Goodwin on

On February 23, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order​ with an auto lender based in Georgia....more

Ballard Spahr LLP

CFPB and FTC File Amicus Brief Regarding Servicemembers’ Right to Sue Under the Military Lending Act

Ballard Spahr LLP on

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 (MLA)....more

Ballard Spahr LLP

CFPB and FTC file amicus brief regarding  servicemembers’ right to sue under the Military Lending Act

Ballard Spahr LLP on

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

Troutman Pepper

CFPB and FTC File Amicus Brief on Servicemembers’ Right to Sue Under the Military Lending Act

Troutman Pepper on

On November 21, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) filed a joint amicus brief in Louis v. Bluegreen Vacations Unlimited, Inc., No. 22-12217 (11th Cir.) regarding servicemembers’...more

Hudson Cook, LLP

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

Hudson Cook, LLP on

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

Goodwin

CFPB Launches Lawsuit Against Online Lender Alleging Violations of the Military Lending Act

Goodwin on

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

Ballard Spahr LLP

CFPB files complaint against online lender alleging MLA violations

Ballard Spahr LLP on

On September 29, 2002, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against online lender MoneyLion Technologies, Inc, and several dozen of its subsidiaries (collectively, “MoneyLion”), alleging...more

Hudson Cook, LLP

Thinking of Accepting Payments from Customers via Discretionary Military Allotments? Think Again.

Hudson Cook, LLP on

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

Troutman Pepper

FTC and CFPB Crack Down on Military Lending Act Violations

Troutman Pepper on

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

Ballard Spahr LLP

House Oversight and Reform Subcommittee on National Security holds hearing on protecting military servicemembers and veterans from...

Ballard Spahr LLP on

On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.”  A recording of the...more

Ballard Spahr LLP

CFPB Highlights Unfair Treatment of Servicemembers through the Military Allotment System

Ballard Spahr LLP on

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

Hudson Cook, LLP

Federal Agencies Take Another Shot at GAP Coverage for Buyers Covered by the Military Lending Act

Hudson Cook, LLP on

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

Goodwin

CFPB Files Complaint Against Pawnshop Lenders for Alleged Military Lending Act Violations

Goodwin on

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

Kaufman & Canoles

Consumer Finance Client Alert – June 2021

Kaufman & Canoles on

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

Troutman Pepper

Fintechs Beware! The CFPB is Monitoring You Closely

Troutman Pepper on

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

Ballard Spahr LLP

CFPB to Ramp up MLA Supervision and Enforcement

Ballard Spahr LLP on

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

Goodwin

CFPB Announces $2.175 Million Settlement with Company Offering Installment Loans

Goodwin on

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

Hudson Cook, LLP

CFPB Announces Broad Military Lending Act Compliance Sweep

Hudson Cook, LLP on

On December 4, 2020, the Consumer Financial Protection Bureau announced the filing of a lawsuit against an online lender for allegedly violating the Military Lending Act ("MLA"). The CFPB's complaint alleges that the lender...more

Goodwin

CFPB Files Suit Against Online Lender for Alleged Violations of Military Lending Act

Goodwin on

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

Ballard Spahr LLP

Department of Defense Reverts to Prior Position on MLA Interpretive Rule Q&A #2 Regarding Motor Vehicle and Personal Property...

Ballard Spahr LLP on

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

Bradley Arant Boult Cummings LLP

CFPB Proposes Reporting and Examination Authority Over Military Lending Act

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

60 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide