April 1, 2020 is the deadline for employers with fewer than 500 employees to display the poster in a conspicuous place in each of your stores or by providing it via email to every current employee who is teleworking. Do not fail to provide this notice to employees by April 1, 2020. The poster is entitled “Employee Rights: Paid Sick …
Winning the MLA Game
What you need to know to stay in compliance By Fran Bishop, NPA Government Relations Liaison, NPA Past President This Content is for Members Only
DMDC WEBSITE WILL REQUIRE A ‘USER ACCOUNT’ FOR MLA CHECK ACCESS
The May 31, 2019 News and Alerts of ‘Upcoming Changes to MLA’ on the front page of the DMDC website states: “Around June 27, 2019, DMDC will make significant changes to the Military Lending Act (MLA) website (https://mla.dmdc.osd.mil) to enhance security of the site and better protect the personal information of Service members. All users of the site will be …
Frequently Asked Questions: Compliance with the Military Lending Act
Updated November 23, 2021 We’re here with answers to NPA members’ recent questions on Military Lending Act (MLA) compliance! 1. How do we determine whether a pawn customer is a “covered borrower” eligible for the maximum 36% Military Lending Act Annual Percentage? Pawnbrokers may use any reasonable means to determine whether a pawn customer is an active-duty service member or a dependent of one. The “check-the-box” is a method many pawnbrokers use. However, any “check-the-box” method does not qualify you for the “safe harbor” …
Frequently Asked Questions: Compliance with the Military Lending Act
Updated November 23, 2021 We’re here with answers to NPA members’ recent questions on Military Lending Act (MLA) compliance! 1. How do we determine whether a pawn customer is a “covered borrower” eligible for the maximum 36% Military Lending Act Annual Percentage? Pawnbrokers may use any reasonable means to determine whether a pawn customer is an active-duty service member or a dependent of one. The “check-the-box” is a method many pawnbrokers use. However, any “check-the-box” method does not qualify you for the “safe harbor” …
Protecting Your Business and the Pawn Industry Following the CFPB’s Military Lending Act Enforcement Action against First Cash/Cash America West, Inc.
November 16, 2021 The NPA has reviewed the CFPB’s Military Lending Act (MLA) enforcement action against First Cash, Inc./Cash America West, Inc. that we informed you of on November 12, 2021, and is following pawnbrokers’ questions and comments on various forums. It is important for all NPA members to take these steps to protect your businesses: A CFPB civil investigative demand (CID) may be based on just one consumer complaint. A CID is a complicated and expensive …
CFPB Commences Military Lending Act Enforcement Action Against FirstCash, Inc. and Cash America West, Inc.
November 12, 2021 Earlier today, the CFPB filed an action in Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB previously ordered Cash America International, Inc. to halt its practices against military families, which prohibited Cash America and its successors from violating the MLA. As FirstCash is a successor to Cash America it is subject to that order. The CFPB …
July 2021 is “Military Consumer Month” at the CFPB
It’s Time to Review Your Military Lending Act (“MLA”) and Service Members’ Civil Relief Act (“SCRA”) Compliance Programs July 22, 2021: So, right now – in July — is a good time to review your MLA and SCRA compliance programs. The DoD’s amended MLA regulation became effective for pawn transactions on October 3, 2016. The SCRA has been in place …
CFPB. What Should Pawnbrokers Expect?
With a new CFPB director and a renewed direction, Congress is expected to increase support for MLA enforcement actions. This added federal scrutiny will impact your business. This webinar will go over MLA enforcement actions and civil investigative demands, so you can ensure proper compliance to protect your business. Take a deep dive into how the MLA applies to pawn …
WHY PEOPLE FOCUS ON APR, & WHY THEY SHOULDN’T
Recently, in a pawnbroker forum, the discussion turned to State Rate Caps on Payday Lenders. Some pawnbrokers voiced opinions that Payday Lenders were predatory and charged too much. Others defended and said the rates were needed based on risk and cost. I wanted to discuss some of the ideas and points that were made. In specific, I’d like to review the Payday Loan Model as it compares to Pawn Loans. This includes the …
MILITARY ACT COMPLIANCE
Yes, pawnbrokers must comply with the Military Lending Act (MLA). We informed you in December of action by the CFPB against LendUp Loans, LLC an Oakland, California based online lender that offers single-payment and installment loans to consumers for violations of the MLA. A recent settlement reached by the CFPB would require LendUp to provide $300,000 in repayments to consumers …
Monthly Webinar Series
April 8, 2021 | 4:00 PM Eastern Time (US and Canada)CFPB. What Should Pawnbrokers Expect? With a new CFPB director and a renewed direction, Congress is expected to increase support for MLA enforcement actions. This added federal scrutiny will impact your business. This webinar will go over MLA enforcement actions and civil investigative demands, so you can ensure proper compliance to protect your business. Take a deep …
CFPB Commences Military Lending Act Enforcement Action Against LendUp
December 4, 2020 Earlier today, the CFPB filed an action in federal court against LendUp, an online lender that provides single-payment and installment loans to consumers in many states. LendUp has been sued by the CFPB before and paid a civil penalty in settlement of the charges in that action. This time, the CFPB alleges that LendUp violated the MLA …
From SESCO: DOL Releases Revised FFCRA Regulations
Reprinted with Permission from SESCO: The Families First Coronavirus Response Act (FFCRA) was enacted on March 18, 2020. The sweeping federal legislation provides emergency paid sick leave (EPSL) and expanded paid Family and Medical Leave (EFML) to certain covered workers impacted by the COVID-19 pandemic. On April 1, 2020, the U.S. Department of Labor (DOL) issued regulations implementing the FFCRA …
GRC Webinars
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