U.S. Bank pressured and incentivized its employees to sell multiple products and services to customers. As a result its employees unlawfully accessed customer’s credit reports and sensitive data to apply for and open unauthorized accounts. On July 28, 2022 The Consumer Financial Protection Bureau (CFPB) took action action U.S. Bank for the following violations of the Consumer Financial Protection Act, the Fair Credit Reporting Act, the Truth in lending Act and the Truth in Savings Act:
- Exploiting personal date without authorization
- Opening accounts without consumer permission
- Failing to provide legally required consumer disclosures
As a result of these violations, The CFPB fined U.S.Bank a $37.5 million penalty that must be paid by U.S. Bank to make harmed customers whole.
Read the entire article here: CFPB Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers