Military Credit Services takes second hit on disclosures
The Consumer Financial Protection Bureau (CFPB) announced it has sued Military Credit Services, LLC (MCS) for making loans with improper disclosures. This is the CFPB’s second enforcement action against MCS. In 2014, the CFPB, along with the states of North Carolina and Virginia, sued the company for similar violations, and the company was ordered to revise its contract disclosures in 2015. In today’s action, the CFPB ordered the company to ensure that its contracts comply with the law. It also required the company to hire an independent consultant to review its practices and to pay a $200,000 civil penalty.
The Bureau found that MCS violated the disclosure requirements of both the Electronic Fund Transfer Act (and Regulation E) and the Truth in Lending Act (and Regulation Z).
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