Bank knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts," said CFPB Director Rohit Chopra, in a statement.Ī spokesman for US Bank said the bad sales practices were a legacy issue at the bank dating back to 2016, and that the bank has made significant improvements to its sales practices since then. The scale of US Banks's fake accounts scandal was not disclosed immediately by the CFPB, but the bank was forced to pay $37.5 million in fines and penalties and will have to refund customers any fees they paid for the fake accounts. Employees were encouraged to do so, in order to meet the bank's goals of selling multiple products to each customer with the bank. The CFPB alleged that US Bank accessed consumers credit reports to open checking and savings accounts, credit cards and lines of credit without their permission. NEW YORK - For more than a decade, US Bank pressured its employees to open fake accounts in their customers' names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday, in a case that is deeply similar to the sales practices scandal uncovered at Wells Fargo last decade. US Bank fined $37.5 million for opening fake accounts 00:48
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