Violation Tracker Individual Record

Company: 
U.S. Bank
Current Parent Company: 
U.S. Bancorp
Penalty: 
$230,000
Year: 
2021
Date: 
May 28, 2021
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
consumer protection violation
Violation Description: 

U.S. Bank agreed to permanently discharge over $230,000 in debt and return over $30,000 of borrower payments of certain students who went to the New England Institute of Art (NEIA), in settlement of allegations that NEIA and Education Management Corporation (EDMC) violated the Massachusetts Consumer Protection Act by misrepresenting the likelihood of job placement to prospective students in order to induce enrollment, making the loans they encouraged students to take out unfair. U.S. Bank was the loan agent and had taken on the loans as partial satisfaction of debt owed by EDMC.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Massachusetts Attorney General
Civil or Criminal Case: 
civil
Facility State: 
Massachusetts
HQ Country of Parent: 
USA
HQ State of Parent: 
Minnesota
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.