CFPB fines auto lender for violating 2015 consent order

On April 26, the CFPB announced that it had issued a $1.25 million civil money penalty against Security National Automotive Acceptance Company (SNAAC), an auto finance company that specializes in lending to service members, for allegedly violating an October 2015 consent order. According to the Bureau, SNAAC failed to comply with the Bureau’s 2015 consent [...]

By | 2017-04-27T07:13:19+00:00 April 27th, 2017|0 Comments

New Military Lending Act Requirements

Last July, the Department of Defense published a final rule to amend and dramatically expand the scope of the Military Lending Act (MLA). First enacted in 2007, the MLA was designed to provide specific protections for active duty service members and their dependents in consumer credit transactions. The MLA initially applied to three specific “consumer credit” [...]

By | 2016-08-09T00:00:44+00:00 August 9th, 2016|0 Comments