Become a digitalPLUS subscriber. 99 for 4 weeks.

Topics

U.S. Bancorp
CFPB orders U.S. Bank to return millions to service members
CFPB orders U.S. Bank to return millions to service members

The Consumer Financial Protection Bureau said it ordered U.S. Bank and its partner to return about $6.5 million to service members who had been deceived by the terms and costs of subprime auto loans. The federal agency said U.S. Bank and Dealer Financial Services created a program called MILES — Millitary Installment Loans and Educational Services — that operated near military bases and pitched subprime loans. The companies didn’t accurately disclose the finance charge, annual percentage rate, payment schedules and total loan payments, the CFPB said. MILES also understated the cost of other products sold with the loan, the agency said. And that’s not all. The CFPB...

Loading