Unite with Fellow Investors
Choose the Best Attorney
Follow Case Progress
id: 214, Created by Stan Vick Chase, Scout
What do I get by joining?
- You will get case updates and receive a payout in case of success
- If you would like to actively participate, you will be connected to the attorney
- No, you do not pay anything out of your pocket neither to us nor to attorney
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.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
28 July 2022