CFPB Reaches Settlement with FirstCash, Inc. and Its Subsidiaries for Military Lending Act Violations
Summary
• FirstCash, Inc., and its nineteen subsidiaries agreed to a settlement with the CFPB for Military Lending Act violations.
• The stipulated final judgment and proposed order will resolve the lawsuit if entered by the court.
Why It Matters for Texas Credit Unions
The case involves military lending, which is relevant to Texas credit unions that may offer similar services or need to ensure compliance with the Military Lending Act.
Original Source Material
Today, in the Consumer Financial Protection Bureau’s (CFPB) November 12, 2021 lawsuit against FirstCash, Inc., and nineteen subsidiaries alleging violations of the Military Lending Act (MLA), the parties reached a settlement and jointly filed a stipulated final judgment and proposed order, which if entered by the court, would resolve the lawsuit.