US announces civil enforcement action against fintech app Dave and its CEO

Dave

30/12/2024 21:27

WASHINGTON, Dec 30 (Reuters) - The U.S. Justice
Department and the Federal Trade Commission announced a civil
enforcement action on Monday against financial technology
company Dave Inc  DAVE.O  and its CEO Jason Wilk for alleged
violations of federal law.
    The agencies alleged the company lured users to its personal
finance app by advertising cash advances of up to $500 that many
never receive.
    The complaint, filed by the Justice Department, seeks
unspecified amounts of consumer redress and monetary civil
penalties from the defendants and a permanent injunction to
prohibit them from engaging in future violations, the Justice
Department said.
    

 (Reporting by Kanishka Singh in Washington; Editing by Chris
Reese)
 ((Kanishka.Singh@thomsonreuters.com; +12024508248;))