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CFPB Sues Pawn Lenders for Cheating Military Families
Posted: Nov 18, 2021 | Author:
CFPB
Cash America West, Inc.
CFPB
First Cash, Inc.
lending & collections
Military Lending Act
The CFPB recently announced it has 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 by charging higher than the allowable 36% annual percentage rate on pawn loans to active-duty servicemembers and their dependents. The CFPB also alleges that FirstCash violated a 2013 CFPB order against its predecessor company prohibiting MLA violations. The CFPB is seeking an injunction, redress for affected borrowers, and a civil money penalty.
