U.S. Bank to Reimburse Military Members in CFPB Crackdown
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U.S. Bancorp and a partner company will repay about $6.5 million to resolve Consumer Financial Protection Bureau claims that they misled miltary-service members who participated in an auto lending program.
The two companies “failed to properly disclose costs associated with repaying auto loans” made to service members under U.S. Bancorp’s Military Installment Loans and Educational Services program, CFPB Director Richard Cordray said today in a statement announcing the settlement.