FirstCash Holdings (FCFS) said late Friday that it has reached a settlement with the Consumer Financial Protection Bureau over alleged violations of the Military Lending Act.
Under the agreement, FirstCash said it will introduce a new pawn loan product specifically for US military members and their families.
The company said it will provide $5 million to $7 million in refunds to affected customers and pay a $4 million penalty to the Consumer Financial Protection Bureau's victims relief fund.
It will include the financial impact of the settlement in Q2 results, it added.
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