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June 27, 2013

CFPB orders auto lenders to refund servicemembers

June 28, 2013 – The CFPB has ordered two auto lenders to end "deceptive marketing and lending practices" targeting servicemembers, and to refund $6.5 million to the borrowers who were taken advantage of.

U.S. Bank, based in Minneapolis, Minn., and its nonbank partner company Dealers' Financial Services, based in Lexington, Ky., promoted an auto loans program called Military Installment Loans and Educational Services (MILES). The CFPB said the program's costs and add-on products were not properly disclosed to the servicemember borrowers.

No credit unions participated in the MILES program.

"The Bureau has a special mission to protect servicemembers," said Director Richard Cordray. "We will continue our work to ensure that servicemembers are treated fairly."

The CFPB is demanding that the companies: stop deceptive marketing; refund servicemembers; and stop requiring servicemembers to use allotments to participate in the MILES program.

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