CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections

The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter today reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers…

The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter today reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Rights Act (SCRA). While servicemembers have the same rights as non-military borrowers, the SCRA provides additional rights to protect servicemembers and their families against unique financial challenges.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-justice-department-caution-auto-finance-companies-about-servicemember-protections/

CFPB Report Highlights Experiences of Military Families with Medical Billing, Credit Reporting, and Debt Collection

Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB abo…

Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-highlights-experiences-of-military-families-with-medical-billing-credit-reporting-and-debt-collection/

CFPB and DOJ Put Landlords and Mortgage Servicers on Notice About Servicemembers’ and Veterans’ Rights

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) issued two joint letters today regarding important legal housing protections for military families.

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) issued two joint letters today regarding important legal housing protections for military families.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-put-landlords-and-mortgage-servicers-on-notice-about-servicemembers-and-veterans-rights/

CFPB Sues Pawn Lenders for Cheating Military Families

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB alleges that the two companies violated the Military Lending Act (MLA) by charging high…

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB alleges that the two companies violated the Military Lending Act (MLA) by charging higher than the allowable 36% annual percentage rate on pawn loans to active-duty servicemembers and their dependents.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-pawn-lenders-for-cheating-military-families/

Consumer Financial Protection Bureau Settles with LendUp Loans, LLC for Military Lending Act Violations

On January 19, 2021, the Consumer Financial Protection Bureau filed a proposed settlement to resolve its December 4, 2020 lawsuit against LendUp Loans, LLC alleging violations of the Military Lending Act.

On January 19, 2021, the Consumer Financial Protection Bureau filed a proposed settlement to resolve its December 4, 2020 lawsuit against LendUp Loans, LLC alleging violations of the Military Lending Act.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-settles-with-lendup-loans-llc-for-military-lending-act-violations/

Consumer Financial Protection Bureau Settles with Mortgage Companies to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

Today, the Consumer Financial Protection Bureau issued consent orders against Sovereign Lending Group, Inc. and Prime Choice Funding, Inc.

Today, the Consumer Financial Protection Bureau issued consent orders against Sovereign Lending Group, Inc. and Prime Choice Funding, Inc.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-settles-mortgage-companies-address-deceptive-loan-advertisements-servicemembers/

Check your mailbox: Veterans with severe disabilities and student loans should keep an eye out for this

The Department of Education is sending letters to veterans with severe
disabilities notifying them that they may be eligible for a tax-free discharge
of their outstanding student loans. Here’s what to look for if you’re eligible.

The Department of Education is sending letters to veterans with severe disabilities notifying them that they may be eligible for a tax-free discharge of their outstanding student loans. Here’s what to look for if you’re eligible.

Read more / Original news source: https://www.consumerfinance.gov/about-us/blog/check-your-mailbox-veterans-severe-disabilities-and-student-loans-should-keep-eye-out/