CFPB fines US Bank.
M2 EQUITYBITES-July 29, 2022--CFPB fines US Bank
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Global Banking News - 29 July 2022
US government agency The Consumer Financial Protection Bureau (CFPB) has fined Minneapolis-based US Bank (NYSE: USB) for allegedly not providing due care for consumer data.
The bank was fined USD37.5m on allegations of illegally accessing its customers' credit reports. The firm was also accused of opening bank accounts, credit cards and lines of credit for customers without their permission.
The bank was further accused of putting pressure on staff to sell more products to customers.
The CFPB said that...
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