Omni Financial of Nevada, Inc.
On December 30, 2020, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Omni Financial of Nevada, Inc. (Omni). Omni, which has its principal place of business in Las Vegas, Nevada, and operates using the names Omni Financial and Omni Military Loans, specializes in originating installment loans to consumers affiliated with the military. It originates tens of thousands of loans each year, with individual loans typically ranging from $500 to $10,000. The Bureau found that Omni violated the Military Lending Act’s prohibition on requiring repayment of loans by allotment. The Bureau also found that Omni violated the Electronic Fund Transfer Act’s (EFTA) prohibition against requiring that consumers preauthorize electronic fund transfers as a condition of receiving credit. The Bureau further found that these violations of EFTA constituted violations of the Consumer Financial Protection Act of 2010. The consent order requires that Omni pay a $2.175 million civil money penalty and imposes injunctive relief to stop ongoing violations and prevent future violations.