WASHINGTON (Sputnik) — The U.S. government has fined one of the nation’s largest banks more than $37 million for illegally retrieving customer credit reports and opening fictitious accounts, the Consumer said Thursday. Financial Protection Bureau (CFB).
“CFPB…has taken action against US Bank for illegally accessing customer credit reports and opening checking and savings accounts, credit cards and lines of credit without customer authorization,” said the agency in a press release. “US Bank must repair injured customers and pay a fine of $37.5 million.”
A CFPB investigation found specific evidence that the bank was aware sales pressure was leading employees to open accounts without permission, the statement added.
“US Bank’s behavior has harmed its customers in the form of unwanted accounts, negative effects on their credit profiles, and loss of control over personally identifiable information,” the statement said.
In addition to the fine, the bank must develop a plan to confiscate and reimburse all fees and costs unlawfully charged to aggrieved customers, according to the statement.
Minneapolis-based US Bank is the fifth-largest bank in the United States with nearly $560 billion in assets, the statement said.