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Press release
Published

CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps

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.
Testimony
Published

Written Testimony of James S. Rice, Assistant Director, Office of Servicemember Affairs, before the U.S. Senate Committee on Veterans’ Affairs

CFPB Office of Servicemember Affairs Assistant Director Jim Rice discusses recent CFPB efforts to understand the veteran financial experience, enforce the law, and coordinate efforts across the federal government and in the states.
Press release
Published

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.
Press release
Published

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 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.
Press release
Published

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.
Press release
Published

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 higher than the allowable 36% annual percentage rate on pawn loans to active-duty servicemembers and their dependents.