CFPB accuses pawn shops of scamming military families

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By Alyssa Aquino (Nov 12, 2021, 7:32 p.m. EST) – The Consumer Financial Protection Bureau sued one of the largest pawn shops in the United States in federal court in Texas, claiming Friday that FirstCash Inc. had violated the Military Lending Act by issuing military loans with interest rates “frequently exceeding” 200%.

The agency also claims that FirstCash failed to disclose all required loan information to borrowers and forced them to waive their rights to sue in violation of the Military Loans Act, which the company is subject to an ordinance on. eight-year-old administrative office, says CFPB.

“FirstCash is a repeat offender and has cheated on military families over and over again,” CFPB said …

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