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ARTICLE · 06 NOVEMBER 2015

State AGs In The News - October 29th, 2015

Blank Rome
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The Consumer Financial Protection Bureau (CFPB) entered into a consent order with Security National Automotive Acceptance Company (SNAAC), LLC...

United StatesConsumer Protection
Doreen Manchester
Doreen Manchester
Aaron R. Lancaster
Aaron R. Lancaster
Erik Lowe
Erik Lowe
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Consumer Financial Protection Bureau

CFPB Settles With Debt Collector Allegedly "Abusing" Servicemembers

  • The Consumer Financial Protection Bureau (CFPB) entered into a consent order with Security National Automotive Acceptance Company (SNAAC), LLC, resolving the CFPB's allegations that the auto lender violated the Consumer Financial Protection Act (CFPA) through its actions to collect on debt held by U.S. servicemembers.
  • In addition to arguing that SNAAC's false and misleading threats regarding legal action were "deceptive acts" under the CFPA, the CFPB also alleged that SNAAC committed "abusive acts" under Section 1031 when it threated to contact commanding officers and inform them that a servicemember was delinquent on payments. Although failing to pay certain debts might violate certain military regulations and subject the consumer to disciplinary action, the CFPB argued that SNAAC took "unreasonable advantage of consumers' inability to protect their

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