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“FirstCash, the CFPB, and Military Lending Protections: A Follow-Up to Our Service Member Panel”
Release Date:
July 2025
🔍 Episode Overview
In this special follow-up episode of Financial Forward, host Jim McCarthy revisits the critical topic of military financial protections in the wake of a major enforcement action by the Consumer Financial Protection Bureau (CFPB).
Since the airing of our original Service Member Panel, the CFPB reached a $9 million settlement with FirstCash, Inc. and its subsidiaries for violations of the Military Lending Act (MLA). The Bureau alleged unlawful pawn loans with APRs over the MLA’s 36% cap, mandatory arbitration clauses, and missing disclosures—violations that also breached a 2013 Bureau order.
To help unpack the implications of this case and what it means for the financial marketplace, Jim is joined by returning guests:
👥 Featured Guests
🔹 Eric Goldberg
- Chambers-ranked expert in consumer financial services compliance and regulation
- Former Senior and Managing Counsel at the CFPB, where he led rulemaking on payments, credit, arbitration, and more
- Advisor to fintechs and banks on launching compliant, innovative financial products
🔹 Colonel Paul Kantwill, U.S. Army (Ret.)
- Former Assistant Director, CFPB Office of Servicemember Affairs
- Led the Department of Defense policy team that implemented the Military Lending Act
- Professor, veteran advocate, and national voice on military and consumer financial law
💡 Topics Covered
- Details of the CFPB’s July 11, 2025 enforcement action against FirstCash
- The Military Lending Act – what it protects and why it matters
- Insights from those who helped write and enforce the MLA
- Compliance expectations for lenders serving military families
- Broader implications for fintech and financial institutions
📎 Resources & Links
💬 Join the Conversation
Are you a servicemember with a financial story to share? A compliance officer with questions about the MLA? Reach out to us at Jim@McCarthy-Hatch.com or connect with us on LinkedIn.
🎧 Listen & Subscribe
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More from Jim:
LinkedIn: https://www.linkedin.com/in/mccarthyhatch/
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