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Violation Tracker Individual Record

Company: U.S. Bank
Current Parent Company: U.S. Bancorp
Penalty: $20,700,000
Year: 2023
Date: December 19, 2023
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: banking violation
Violation Description: The Consumer Financial Protection Bureau ordered U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic. U.S. Bank froze tens of thousands of accounts. However, it failed to provide people a reliable and quick way to regain access. The bank also failed to provide provisional account credits, while investigating potentially unauthorized transfers. The order required U.S. Bank to pay $5.7 million to consumers harmed by its actions and to pay a $15 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.