In response to an order issued Thursday by the Consumer Financial Protection Bureau, U.S. Bank said it remains committed to supporting the military.
On Thursday, the CFPB said it charged the bank and Dealers' Financial Services for failing to properly disclose all the fees charged to participants in the companies' Military Installment Loans and Educational Services auto loan program and for misrepresenting the true cost and coverage of add-on products financed along with the auto loans.
The CFPB said both U.S. Bank and DFS agreed to pay a total of nearly $6.5 million to more than 50,000 service members for violating the Truth in Lending Act and federal laws that prohibit deceptive marketing and lending practices.
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