December 20, 2016

The CFPB sued Military Credit Services, LLC (MCS) for making loans with improper disclosures. This is the CFPB’s second enforcement action against MCS. In 2014, the CFPB and the states of North Carolina and Virginia sued the company for similar violations, and MCS was ordered to revise its contract disclosures in 2015. In today’s action, the CFPB ordered the company to ensure that its contracts comply with the law. It also required MCS to hire an independent consultant to review its practices and to pay a $200,000 civil penalty.  CFPB

Tagged in: Housing and Mortgage Fraud,