Core Viewpoint - The Consumer Financial Protection Bureau (CFPB) and FirstCash have reached a settlement regarding alleged violations of the Military Lending Act (MLA), which includes financial penalties and compliance requirements [1][2]. Group 1: Settlement Details - FirstCash and its 18 subsidiaries are required to set aside $5 million for redress and pay a $4 million fine to the CFPB's victims relief fund [2]. - The proposed order, if entered by the court, mandates compliance with the MLA moving forward [2]. Group 2: Allegations and Legal Background - The CFPB's lawsuit, filed in November 2021, accused FirstCash of violating the MLA by charging interest rates exceeding the maximum allowable annual percentage rate of 36%, requiring arbitration for disputes, and failing to provide necessary loan disclosures [3]. - Rohit Chopra, the CFPB's director at the time of the lawsuit, characterized FirstCash as a repeat offender that exploited military families [4]. Group 3: Company Response and Future Plans - FirstCash's CEO expressed satisfaction with the settlement, stating the company disagrees with the CFPB's allegations but believes settling is the best course of action [5]. - As part of the settlement, FirstCash plans to introduce a new pawn lending product specifically for U.S. military members and their families, ensuring compliance with the MLA [4].