💨 Abstract

The U.S. Justice Department and the Federal Trade Commission have initiated a civil enforcement action against financial tech company Dave Inc and its CEO, Jason Wilk, alleging violations of federal law. The agencies claim that Dave Inc misled users of its personal finance app by advertising cash advances of up to $500, but many users did not receive them. The complaint seeks consumer redress, monetary penalties, and a permanent ban on future violations.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖