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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

🔗 CFPB Press Release: FirstCash Settlement (July 11, 2025)
🎧 Original Service Member Panel Episode
📄 Military Lending Act Overview – CFPB

💬 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/
https://www.mccarthy-hatch.com/

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