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U.S. Bank© Fined for Opening Fake “Sham” Bank Accounts
The Consumer Financial Protection Bureau (CFPB) fined U.S. Bank© — the fifth-largest commercial bank in the U.S. with over $559 billion in assets and more than 2,800 banking branches across the nation — for illegally accessing consumer credit reports and opening accounts without their permission.
The five-year-long investigation found that Minneapolis-based U.S. Bank©:
-Accessed customers' credit reports without customer knowledge;
-Opened checking and savings accounts, credit cards, and lines of credit without authorization; and,
-Broke a collection of basic financial organization laws in order to boost sales.
Not only did U.S. Bank© know that their employees were conducting these practices, but the financial institution also offered employees incentives for selling bank products using these illegal practices.
CFPB Director Rohit Chopra revealed, “For over a decade, U.S. Bank© knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts…We all must do more to hold lawbreaking companies accountable when they abuse and misuse our sensitive personal data.”
In the penalty phase of the investigation, the CFPB ordered U.S. Bank© to make harmed customers whole by depositing a $37.5 million penalty into a victim relief fund.
In 2020, Wells Fargo was found to be engaged in a similar scheme in which bank employees opened unauthorized accounts for existing clients — the company was fined $3 billion, including a $500 million civil penalty to be distributed to investors.
The team of Civil Rights Leader and Trial Lawyer Ben Crump and the award-winning trial attorneys at Hilliard Martinez Gonzalez urges anyone who suspects they were a victim of the U.S. Bank© scheme to come forward for a free case evaluation to get justice and potential compensation.
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