Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families. The report highlights the growth of digital payment app usage in the servicemember community, the unique risks to servicemembers from these services, and the potential abuse from bad actors.
La CFPB Cierra el Negocio de Préstamos Hipotecarios de la Corporación RMK Financial, por sus Repetidas Ofensas Contra Familias Militares
La CFPB excluyó permanentemente a RMK Financial Corporation de la industria del crédito hipotecario, prohibiéndole hacer actividades o recibir remuneración.
CFPB Shuts Down Mortgage Loan Business of RMK Financial for Repeat Offenses Against Military Families
Today, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans, from the mortgage lending industry by prohibiting RMK from engaging in any mortgage lending activities or receiving remuneration from mortgage lending.
CFPB Finds Members of the Reserves and National Guard Paying Millions of Dollars in Extra Interest Each Year
Today, the Consumer Financial Protection Bureau (CFPB) released research revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always receiving the benefit of their right to rate reductions under the Servicemembers Civil Relief Act.
La CFPB revela que Reservistas y Guardias Nacionales en servicio activo, pagan más en intereses cada año y no siempre reciben los beneficios legales de la Ley SCRA.
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.
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 about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills.
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) 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.
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.
Consumer Financial Protection Bureau Settles with Omni Financial of Nevada, Inc. for Violations of the Military Lending Act, Electronic Fund Transfer Act, and Consumer Financial Protection Act
On December 30, 2020, the Consumer Financial Protection Bureau issued a consent order against Omni Financial of Nevada, Inc.
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.
Consumer Financial Protection Bureau Launches Financial Education Tool for Active-Duty Servicemembers
“Misadventures in Money Management” Expands to Wider Audience.
Today the Consumer Financial Protection Bureau (CFPB) released a report focusing on mortgages made to first-time homebuyers who are serving in the armed forces or are veterans.
Individual Violated Consumer Financial Protection Act in Brokering Credit Offers to Veterans.
Consumer Financial Protection Bureau Asks Congress for Clear Authority to Supervise for Compliance with the Military Lending Act
Consumer Financial Protection Bureau Director Kathleen L. Kraninger today issued the following statement announcing that she has asked Congress to grant the CFPB clear authority to supervise for compliance with the Military Lending Act (MLA).
Bureau of Consumer Financial Protection Files Complaint and Proposed Settlement with Village Capital & Investment LLC
Company Deceived Veterans Regarding Benefits of Mortgage Refinancing Offers.
Auto Loan Company Failed to Provide Redress For Illegal Collection Tactics.
CFPB Sues Nation's Largest Student Loan Company Navient for Failing Borrowers at Every Stage of Repayment
Navient, Formerly Part of Sallie Mae, Illegally Cheated Borrowers Out of Repayment Rights Through Shortcuts and Deception.
Credit Union Used False Threats to Collect Debts and Placed Unfair Restrictions on Account Access.
CFPB to Evaluate Military Lending Act Violations in its Exams of Creditors and Will Use Its Enforcement Authority in Cases of Substantial Consumer Harm.
CFPB Report Highlights High Rate of Debt Collection Complaints From Servicemembers and Their Families
CFPB Enforcement Actions Returned Over $5 Million to Servicemembers in 2015 The Bureau released an annual report today from the Office of Servicemember...
CFPB Orders Servicemember Auto Loan Company to Pay $3.28 Million for Illegal Debt Collection Tactics
Bureau Sued Auto Lender Earlier This Year for Deception and Threats to Contact Commanding Officers Today the Bureau filed an administrative order against...
Today, the U.S. Department of Defense issued a final rule expanding the types of credit products that are covered by the 36-percent rate cap and other...
Bureau Puts Companies On Notice After Defense Department Rules Take Effect The Bureau sent letters this month to several companies that sell retail goods to...