US Bank, DFS To Repay $6.5M For Deceptive Military Loans

Law360, New York (June 27, 2013, 1:50 PM EDT) -- The Consumer Financial Protection Bureau on Thursday said U.S. Bank NA and partner company Dealer Financial Services LLC must pay back about $6.5 million to members of U.S. military for failing to properly disclose fees charged in connection with a subprime auto-lending program.

U.S. Bank and DFS have agreed to return the money to service members after the bureau accused them of deceptive marketing and lending practices in connection with the Military Installment Loans and Educational Services auto loan program, which offers car loans to active-duty...
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