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Violation Tracker Individual Record

Company: U.S. Bank
Current Parent Company: U.S. Bancorp
Penalty: $37,500,000
Year: 2022
Date: July 28, 2022
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: consumer protection violation
Mega-Scandal: Bogus Bank Accounts
Violation Description: The Consumer Financial Protection Bureau took action against U.S. Bank for illegally accessing its customers' credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers' permission. The CFPB said U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers, including imposing sales goals as part of their employees' job requirements. In response, U.S. Bank employees were said to have unlawfully accessed customers' credit reports and sensitive personal data to apply for and open unauthorized accounts. U.S. Bank was required to make harmed customers whole and pay a $37.5 million penalty.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Minnesota
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.