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Lender Runs Afoul of Military Lending Act; Agrees to Pay $2 Million Fine to CFPB

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with consumer lender Omni Financial of Nevada, Inc. (“Omni”) to resolve allegations that it used prohibited collection practices in its dealings with consumers affiliated with the military as well as civilians in violation of the Military Lending Act (“MLA”), the Electronic Fund Transfer Act (“EFTA”), and the Consumer Financial Protection Act (“CFPA”).

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