TitleMax Statement On CFPB Consent Order
Savannah, Georgia (February 2023) TMX Finance LLC, also known as TitleMax (the “Company”), entered into an agreement with the Consumer Financial Protection Bureau (“CFPB”) addressing two limited and specific components of Company operations. The agreement addresses military lending and non-file-insurance practices. The solutions established will further support the high-quality service we provide to thousands of customers who rely on TitleMax as a reliable source of credit.
While today’s agreement is the result of months of good faith cooperation and discussion between the Company and the CFPB, the Company denies the factual and legal allegations outlined in the Consent Order and the Bureau’s press release and further notes that the facts alleged in the Consent Order have not been proven.
The Company is proud to employ and support hundreds of veterans and military-affiliated workers at every level of its operations. TitleMax created Project SERV: Securing Employment for Respected Veterans in 2017 as a long-term commitment to hiring veterans and ensuring a smooth transition into the business world. Since 2019, the Company has consistently received recognition as a Military Friendly® Employer, a Military Friendly® Spouse Employer, and Military Friendly® Diversity Program Supplier for its commitment to the military community. The Company and its employees support military charities and initiatives across the country.
The Company denies it is a repeat offender and maintains it has complied with all prior direction from the Bureau.
Although the Company agreed to pay a fine to the CFPB, it did so to avoid lengthy and costly litigation, which would be a distraction for the Company’s core business of providing best-in-class services to its customers. The Company vehemently denies any wrongdoing or liability. The Company’s ongoing cooperation demonstrates its commitment to excellence and partnership with all government regulators.
About the TMX Finance® Family of Companies
The TMX Finance® Family of Companies provides consumer credit products under the TitleMax®, TitleBucks®, and InstaLoan® brands. Since 1998, we have provided access to credit for consumers who are underserved by traditional lenders. With more than 950 stores in 15 states, we are an industry leader throughout the country.
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