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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 [email protected] or connect with us on LinkedIn.

🎧 Listen & Subscribe

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More from Jim:
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