This article by Jim Absher first appeared on Military.com, the premier resource for the military and veteran community.
The Consumer Financial Protection Bureau (CFPB) recently announced legal settlements with Easy Military Travel and USA Service Finance LLC, as well as their principal owner, Brandon Edmiston. These companies provided financing for airline tickets to military members and their families.
In the settlement documents, the CFPB states these companies misrepresented the cost of credit, failed to provide consumers full information about the true cost of financing airline tickets through the companies and gave out fraudulent information to service members when trying to sell them financial products. The CFPB specifically states the companies charged consumers hidden fees and failed to notify borrowers of the true cost of credit and the interest rates of loans they provided.
The consent orders against Easy Military Travel, USA Service Finance LLC and Edmiston requires the company and its principal owner to provide restitution to service members and their families who paid the hidden finance charges, and prohibits them from conducting some future military-targeted business.
The government ordered Easy Military Travel and Edmiston to pay restitution of about $3,468,224 to those impacted by the unlawful practices, while those who were impacted by USA Service Finance will receive more than $54,000.
If you have a current loan product with either Easy Military Travel or USA Service Finance, you should be given a credit to your outstanding balance. If you no longer have an outstanding loan with either company, you will be issued a payment for the settlement amount.
For more details, contact the Consumer Financial Protection Bureau or your command's legal department.
Other articles from Military.com: