FastLoan Truth in Lending Deposit Advance Case Against BOKF, N.A. Settled
Stueve Siegel Hanson reached a settlement with BOKF, N.A., a national bank holding company that operates banking divisions in eight states under the names, Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas, and Colorado State Bank and Trust for violations of the Truth In Lending Act.
The lawsuit alleged that BOKF violated the Truth In Lending Act through inaccurate APR disclosures provided with its FastLoan deposit advance product. The case is pending in the United States District Court for the District of Colorado. The Honorable Robert Blackburn held on summary judgment that BOKF’s FastLoan product APR disclosures created two separate violations of the Truth in Lending Act. Read Judge Blackburn’s Order here.
The class action settlement has received preliminary approval and a final fairness hearing is scheduled for March 28, 2016 before Judge Blackburn. Read Preliminary Approval Order here.