Today, the Consumer Financial Protection Bureau issued consent orders against Sovereign Lending Group, Inc. and Prime Choice Funding, Inc.
“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
Company Deceived Veterans Regarding Benefits of Mortgage Refinancing Offers
Auto Loan Company Failed to Provide Redress For Illegal Collection Tactics
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
Servicemembers Unknowingly Paid Millions in Fees to Fort Knox National Company and Military Assistance Company WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is taking action against Fort Knox National Company and its subsidiary, Military Assistance Company, for charging servicemembers millions of dollars in hidden fees. The military allotment processor did not clearly […]
CFPB Backs Department of Defense Proposal to Broaden the Rules for Greater Protections WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) issued a report highlighting how loopholes in the current Military Lending Act rules are racking up costs for servicemembers. According to the report, these gaps have allowed companies to offer high-cost loans […]
Retailer and Debt Collectors to Provide Over $2.5 Million in Consumer Relief for Illegal Lawsuits and Unauthorized Debits WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Attorneys General of North Carolina and Virginia took action today to protect military servicemembers from illegal debt collection practices. The CFPB alleges that Freedom Stores, Inc., […]
WASHINGTON, D.C. – Today, the U.S. Department of Defense announced critical new protections for servicemembers using the military discretionary allotment system. The changes announced today will preserve the allotment system while eliminating the aspects that are most frequently abused by businesses that target servicemembers.
WASHINGTON, D.C. – Today, the U.S. Department of Defense issued a proposal that would expand 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 proposal would close loopholes that have led to lenders skirting the law with products that fall outside […]
I would like to thank the Association of Military Banks and Andy Egeland for inviting me to be with you here today.
As the Director of the Consumer Financial Protection Bureau, I recognize the importance that community banks play in the lives of many consumers and in many neighborhoods and small towns across the United States. When I joined the Consumer Bureau, I came with a strong viewpoint that community banks were not among the causes of the financial crisis. I saw this when I was a county treasurer, then the State Treasurer of Ohio. You did not underwrite the bad loans that brought down the housing market. Instead, you worked to keep your own customers in sound and sustainable loans. You were sounding the alarm bells well before the sinking of the economy. And you were upholding sensible underwriting standards even though you may have been losing some of your customers and your market share to the financial predators who were not held to the same standards of responsible lending.
WASHINGTON, D.C.— The Consumer Financial Protection Bureau (CFPB) today put an end to a servicemember fee scam run by USA Discounters, Ltd., a company that operates a chain of retail stores near military bases and offers financing for purchases. USA Discounters tricked thousands of servicemembers into paying fees for legal protections servicemembers already had and for certain services that the company failed to provide. The CFPB has obtained more than $350,000 in refunds for servicemembers harmed by this scam, and USA Discounters will pay an additional $50,000 civil penalty.
