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USB.US
id: 214
The case has been dismissed, typically without any further action.
On July 28, 2022, Consumer Financial Protection Bureau (CFPB) Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers
The CFPB 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.
- 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 unlawfully accessed customers’ credit reports and sensitive personal data to apply for and open unauthorized accounts. U.S. Bank must make harmed customers whole and pay a $37.5 million penalty."
“For over a decade, U.S. Bank knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts,” said CFPB Director Rohit Chopra. “We all must do more to hold lawbreaking companies accountable when they abuse and misuse our sensitive personal data.”
On this news, U.S. Bancorp’s stock price fell by 4.3% and lost about $3.1 billion of its capitalization.
Taking all the facts into account, the Bank grossly violated not only the rights of its clients but also breached fiduciary duities to its shareholders.
Case Status
Dismissed
Alleged Offence
Mismanagement,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07/28/2022
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