U.S. Bank National Association
The CFPB ordered U.S. Bank and one of its nonbank partner companies, Dealers’ Financial Services, to end deceptive marketing and lending practices targeting active-duty military. The two companies must return about $6.5 million to servicemembers for failing to properly disclose all the fees charged to participants in the companies’ Military Installment Loans and Educational Services auto loans program, and for misrepresenting the true cost and coverage of add-on products financed along with the auto loans.
Order terminating the consent order
CFPB Orders Auto Lenders to Refund Approximately $6.5 Million to Servicemembers