US EditionCFPB Settles with Texas Pawnbroker over Alleged MLA Violations - Weiner Brodsky Kider PC
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CFPB Settles with Texas Pawnbroker over Alleged MLA Violations - Weiner Brodsky Kider PC
Recently, the CFPB and a Texas-based lender (along with several subsidiaries) agreed to a stipulated final judgment and order resolving allegations that the companies violated the Military Lending Act by extending pawn loans to servicemembers exceeding the statute’s 36% interest rate limitation, requiring arbitration, and failing to make required disclosures. Under the order, the companies must pay a $4 million civil penalty. Additionally, the …
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