Bureau Compels Auto Lenders To Settle Over Military Marketing
July 1, 2013
Auto lender U.S. Bank and one of its nonbank partner companies, Dealers Financial Services, have agreed to pay about $6.5 million to service members the CFPB said were harmed by the allegedly deceptive marketing and lending practices associated with the companies Military Installment Loans and Educational Services (MILES) auto loans program. The bureau has a special mission to protect service members, said CFPB Director Richard Cordray. The MILES program failed to properly disclose costs associated with repaying auto...