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
9/30/2024
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loan Forgiveness ,
Military Service Members ,
Servicemembers Civil Relief Act (SCRA) ,
Student Loans
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
8/14/2024
/ Cancellation of Debt (COD) ,
Consumer Financial Products ,
Debt ,
Debt Collection ,
False Advertising ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Military Service Members ,
Online Advertisements ,
Online Education ,
Redress Payments ,
Students
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
2/27/2024
/ Automotive Loans ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Defense (DOD) ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Military Lending Act ,
Military Service Members ,
Statutory Violations ,
Title Loans
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
11/8/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Creditors ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Identity Theft ,
Military Lending Act ,
Military Service Members ,
Regulatory Standards ,
Servicemembers Civil Relief Act (SCRA)
On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for...more
6/26/2023
/ Consumer Complaint System ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Financial Services Industry ,
Medical Bills ,
Military Service Members ,
Mobile Apps ,
Mortgages ,
Payment Systems ,
Scams ,
Student Loans
On June 13, 2023, the Department of Justice (“DOJ”) announced that it had settled an action against a multi-family residential property management company for alleged violations of the Servicemembers Civil Relief Act (“SCRA”)...more
In a highly anticipated decision regarding the treatment of Guaranteed Asset Protection (“GAP”) under the Military Lending Act (“MLA”), a federal appellate court has ruled that a hybrid loan that finances GAP coverage along...more
On March 3, 2023, the U.S. Department of Justice (DOJ) filed a complaint against a towing company located near a Marine base alleging violations of the Servicemembers Civil Relief Act’s (SCRA) prohibition against default...more
On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against RMK Financial Corporation d/b/a Majestic Home Loan (RMK), a California-based mortgage lender, based on allegations...more
A new report from the Urban Institute examining the 2015 expansion of the Military Lending Act (“MLA”) concludes that it did not lead to better credit and debt outcomes for servicemembers and may instead have limited access...more
On February 2, 2023, the U.S. Department of Justice (“DOJ”) filed a complaint against the City of El Paso, Texas (the “City”) and several co-defendants alleging violations of the Servicemembers Civil Relief Act (“SCRA”) for...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 December 7, 2022, the CFPB issued a report recommending that creditors proactively provide Servicemember Civil Relief Act (SCRA) interest rate benefits to eligible customers, bypassing the statute’s requirements of a...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 (MLA)....more
On December 7, 2022, the CFPB issued a report recommending that creditors proactively provide Servicemember Civil Relief Act (“SCRA”) interest rate benefits to eligible customers, bypassing the statute’s requirements of a...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
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
On September 28, 2022, the Department of Justice (”DOJ”) announced a settlement with Westlake Financial Services (“Westlake”), a Los Angeles-based indirect auto finance company specializing in subprime and near-subprime...more
On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a notification letter (the “joint letter”) to “remind” auto lenders and leasing companies of the protections...more
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
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued the Office of Servicemember Affairs Annual Report for 2021. The report focuses primarily on customer complaints, highlighting issues related to credit...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