News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Military Allotments

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

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

Davis Wright Tremaine LLP

“Abusive” Practices Under the UDAAP Prohibition

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

Ballard Spahr LLP

CFPB sends warning letters on military allotment practices

Ballard Spahr LLP on

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

Manatt, Phelps & Phillips, LLP

CFPB: Military Allotment Processor to Pay More Than $3M

Why it matters - A military allotment processor will pay $3.065 million for charging servicemembers millions of dollars in hidden, recurring fees, the Consumer Financial Protection Bureau (CFPB) has announced. Fort...more

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