CFPB v. FirstCash, Inc.

FirstCash, Inc., along with its nineteen subsidiaries, allegedly violated the Military Lending Act by making pawn loans to borrowers covered under the MLA with rates that exceeded the MLA’s maximum allowable annual percentage rate of 36%. The CFPB also alleged that the loan agreements with covered borrowers violated the MLA by requiring arbitration in the case of a dispute and by failing to make all required loan disclosures.

Summary generated from official Consumer Financial Protection Bureau press release