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Category: 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.

Category: 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.

Category: 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.

Category: Press release |
Published

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 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released an annual report today from the Office of Servicemember Affairs highlighting complaints submitted in 2015 and CFPB enforcement actions that directly impacted the military community. The report found that servicemembers have been submitting debt […]

Category: Press release |
Published

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 WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to servicemembers, for engaging in illegal debt collection practices. The order requires the […]

Category: Press release |
Published

CFPB Statement On Department Of Defense Military Lending Act Final Rule

WASHINGTON, D.C. – 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 military-specific protections under the Military Lending Act. The rule closes loopholes that have led to lenders skirting the law with products that fall outside the scope […]

Category: Press release |
Published

CFPB Cautions Military Lenders Against Illegal Military Allotment Practices

Bureau Puts Companies On Notice After Defense Department Rules Take Effect WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) sent letters this month to several companies that sell retail goods to military servicemembers, advising them to review their websites and other advertising for potentially misleading marketing and to review other practices related to payment […]

Category: Press release |
Published

CFPB Report Finds Servicemembers Continue To Face Roadblocks From Student Loan Servicers

Servicers Still Failing to Provide Legal Protections to Military Borrowers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau released a report outlining the continued challenges faced by servicemembers when they contact student loan servicers to invoke the military rights and protections earned through their service. The report, “Overseas & Underserved: Student Loan Servicing and […]

Category: Press release |
Published

CFPB Takes Action Against Servicemember Auto Lender for Aggressive Debt Collection Tactics

Auto Loan Company Misled Servicemembers About Consequences of Nonpayment WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) sued an auto loan company, Security National Automotive Acceptance Company, for aggressive debt collection tactics against servicemembers. In a complaint filed in federal court, the CFPB alleges that the company used a combination of illegal threats […]

Category: Press release |
Published

CFPB Launches Financial Coaching Initiative

Program Targets Transitioning Veterans and Economically Vulnerable Consumers WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching its Financial Coaching Initiative, targeting recently-transitioned veterans and economically vulnerable consumers to help them with their financial goals. The program places 60 certified financial coaches at organizations around the country to provide individualized educational services. […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Financial Coaching Launch

Thank you for joining us today to announce the launch of our Financial Coaching Initiative. The Consumer Financial Protection Bureau is offering coaching support to veterans and economically vulnerable consumers during critical times of transition: veterans when they are taking off the uniform and becoming civilians; and economically vulnerable consumers as they are looking for […]