MILITARY ACT COMPLIANCE

Mark Campanale Government Relations Updates

Yes, pawnbrokers must comply with the Military Lending Act (MLA). We informed you in December of action by the CFPB against LendUp Loans, LLC an Oakland, California based online lender that offers single-payment and installment loans to consumers for violations of the MLA.

A recent settlement reached by the CFPB would require LendUp to provide $300,000 in repayments to consumers and a $950,000 civil money penalty. Pawnbrokers must be vigilant about compliance with the MLA and all regulatory requirements! https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-settles-with-lendup-loans-llc-for-military-lending-act-violations/