The CFPB directed Military Credit Services LLC “to ensure that its contracts comply with the law, hire an independent consultant to review its practices and pay a $200,000 civil penalty.” The order stemmed from Military Credit Services’ failure to “properly disclose the terms of preauthorized transfers and interest rates on the loans it offered.”

• In December 2016, the CFPB directed Military Credit Services LLC “to ensure that its contracts comply with the law, hire an independent consultant to review its practices and pay a $200,000 civil penalty.” The order stemmed from Military Credit Services’ failure to “properly disclose the terms of preauthorized transfers and interest rates on the loans it offered.” [National Association of Federally-Insured Credit Unions Press Release, “CFPB sues 4 pawnbrokers, credit servicer for deceptive practices”, 12/21/16]