The Consumer Financial Protection Bureau (CFPB) sued MoneyLion Technologies, an online lender, and 38 of its subsidiaries, for imposing illegal and excessive charges on servicemembers and their dependents. The CFPB alleges that MoneyLion violated the Military Lending Act by charging more than the legally allowable 36% rate cap on loans to servicemembers and their dependents, …
The Federal Trade Commission and a group of 18 states sued national jewelry retailer Harris Jewelry to stop the company from cheating military families with illegal financing and sales practices. According to the complaint, the jewelry company deceptively claimed that financing jewelry purchases through Harris would raise servicemembers’ credit scores, misrepresented that its protection plans were not optional …
The U.S. Navy offers service members a proud and venerable tradition, having patrolled the seas since its inception in 1775. Almost 250 years later, the Navy still offers its sailors a remarkable life experience, a chance to serve the country, and a host of benefits that make life somewhat easier for military personnel. One perk …
It’s not like 2020 hasn’t sucked yet enough yet but the United States Postal Inspection Service (USPIS) has sent out a warning about veteran scams. USPIS is an effective enforcement agency that many don’t think about when it comes to law enforcement. They handle so many issues when it comes to protecting consumers and they …
Nearly three times as likely to report someone used a debit card or some other electronic means to take money directly from their bank account Active duty servicemembers are 76 percent more likely than other adults to report that an identity thief misused existing accounts, such as a bank account or credit card, according to …
Recently President Trump directed the Department of Education to wipe out the federal student loan debt for 25,000 completely disabled veterans, who appear to be the group already in default. He received a lot of praise for this effort. One headline read “Trump’s debt forgiveness for disabled veterans is ‘our duty as Americans.” Watch the …
The Federal Trade Commission has finalized the rule implementing a 2018 law that requires the nationwide consumer reporting agencies (CRAs) to provide free electronic credit monitoring services for active duty military consumers. The Free Electronic Credit Monitoring for Active Duty Military Rule, which will be published in the Federal Register shortly, implements legislation included in …
A reader asked about the National Defense Student Loan Discharge program that will allegedly forgive some or all federal student loans when someone serves in the military in a battle area. While there are a lot of people talking about the program, government agencies are not. As it stands now the program seems to be …
The Department of Veterans Affairs screwed up. Veterans using their earned benefits under the GI Bill for education were shorted payments due for the housing allowance they were entitled to. Apparently, the VA had a software issue that caused them to not properly calculate payments due to veterans attending school. The absence of the rightfully …
I was surprised to learn recently the Department of Education is aware of the more than 40,000 disabled military veterans who are legally and severely disabled but there is no process to automatically forgive their student loans even though they are eligible. And let’s not forget, disabled veterans with private student loans are not eligible …