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
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
On August 2, a proposed class of former and current servicemembers filed a memorandum in the U.S. District Court for the Eastern District of North Carolina proposing an unopposed settlement agreement between the class and the...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
The U.S. District Court for the Eastern District of Virginia recently granted an installment lender’s motion to dismiss, ruling that most of the class members’ claims are time-barred by the Military Lending Act’s (MLA)...more
In a decision highly anticipated by the auto finance industry, a federal appeals court recently held that auto loans remain exempt from the Military Lending Act even when they finance related costs or services beyond the...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 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
Today, the Fourth Circuit Court of Appeals issued a much-awaited opinion affirming the dismissal of a servicemember’s class-action suit brought under the Military Lending Act (MLA or Act) because, even though the secured...more
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
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 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
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
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
On September 27, California Governor Gavin Newsom signed Senate Bill 1311, the Military and Veteran Consumer Protection Act of 2022 (the Act), into law. The Act takes direct aim at, among other things, the Military Lending...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
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
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
Please join Consumer Financial Services Partner Chris Willis and his guest and fellow Partner Tony Kaye for this latest podcast episode as they discuss the Military Lending Act and the Servicemembers Civil Relief Act,...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
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
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