Eric Goldberg, a consumer financial services expert, and Colonel Paul Kantwill, a veteran advocate and former CFPB official, discuss the significant settlement between the CFPB and FirstCash over violations of the Military Lending Act. They explore predatory lending practices targeting military personnel, emphasizing the need for better protection. The conversation dives into compliance challenges faced by financial institutions and the importance of ongoing supervision to safeguard service members' rights, highlighting the evolving regulatory landscape.
41:01
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
insights INSIGHT
CFPB Enforces Military Lending Act
FirstCash violated the Military Lending Act by exceeding legal APRs and imposing arbitration clauses.
The $9 million settlement signals CFPB's strong enforcement of military financial protections.
insights INSIGHT
Timing & Targeting of Violations
Violations began exactly on the MLA compliance deadline, suggesting compliance failures from day one.
Predatory lending still targets military bases, as shown in high violation states.
volunteer_activism ADVICE
Prepare Compliance Ahead of Exams
Companies should proactively prepare for examinations by organizing their compliance documents.
Building a strong compliance management system early avoids serious penalties and examination issues.
Get the Snipd Podcast app to discover more snips from this episode
“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
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
Available wherever you get your podcasts:
Spotify | Apple Podcasts | Google Podcasts | Amazon Music
More from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/ https://www.mccarthy-hatch.com/
Financial Forward: The Future of Consumer Finance & Banking 
