Violation Tracker Individual Record

Company: 
U.S. Bank
Current Parent Company: 
U.S. Bancorp
Penalty: 
$3,200,000
Year: 
2013
Date: 
June 27, 2013
Primary Offense: 
banking violation
Secondary Offense: 
Servicemembers Civil Relief Act
Violation Description: 

The Consumer Financial Protection Bureau ordered U.S. Bank and one of its nonbank partner companies, Dealers' Financial Services (DFS), to end what the agency called deceptive marketing and lending practices targeting active-duty military. The two companies were required to return about $6.5 million to servicemembers for failing to properly disclose all the fees charged to participants in the companies' Military Installment Loans and Educational Services (MILES) auto loans program, and for misrepresenting the true cost and coverage of add-on products financed along with the auto loans.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Minnesota
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.