US Bank fined $37.5 million for years-long fake account scheme

It’s unclear just how big the fake accounts scheme was, but it echoes a similar scandal uncovered years ago at Wells Fargo.

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.

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. Employees were encouraged to do so,

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