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Government, Legal Team Confronts Dishonest Bank
U.S. Bank© illegally used customer data to create “sham” accounts to inflate sales numbers for the last decade.
Now, U.S. Bank© has been fined $37.5 million plus interest on unlawfully collected fees — a fine that was levied for using customer data to open sham accounts and new lines of credit without permission.
Now, news has broken that employees were pressured to access customer credit reports and open new accounts to inflate sales numbers.
Several high-ranking members of the U.S. Senate sent a letter to Andrew Cecere, CEO of U.S. Bank©, requesting information about the bank’s use of consumer data to open unauthorized bank accounts.
The Senators that signed the letter included:
- U.S. Senator Chris Van Hollen (D-Md.);
Senator Sherrod Brown (D-Ohio), Chairman of the Senate - Committee on Banking, Housing, and Urban Affairs;
- Banking and Housing Committee member Senators Elizabeth Warren (D-Mass.);
- Banking and Housing Committee member Catherine Cortez Masto (D-Nev.); and,
- Banking and Housing Committee member Robert Menendez (D-N.J.)
The Senators also commented that “It is unacceptable that U.S. Bank© provided incentives to and pressured its employees to take advantage of their unique access to a veritable treasure trove of sensitive, personal information to sign up unsuspecting customers for fee-generating financial products and services.”
The team of Civil Rights Leader and Trial Lawyer Ben Crump and the award-winning trial attorneys at Hilliard Martinez Gonzalez have a track record of standing by consumers against banking and financial institutions to get them the justice and compensation they deserve.
U.S. Bank© Fined for Opening Fake “Sham” Bank Accounts
The Consumer Financial Protection Bureau (CFPB) fined U.S. Bank© — the fifth-largest commercial bank in the U.S. with over $559 billion in assets and more than 2,800 banking branches across the nation — for illegally accessing consumer credit reports and opening accounts without their permission.
The five-year-long investigation found that Minneapolis-based U.S. Bank©:
- Accessed customers' credit reports without customer knowledge;
- Opened checking and savings accounts, credit cards, and lines of credit without authorization; and,
- Broke a collection of basic financial organization laws in order to boost sales.
Not only did U.S. Bank© know that their employees were conducting these practices, but the financial institution also offered employees incentives for selling bank products using these illegal practices.
CFPB Director Rohit Chopra revealed, “For over a decade, U.S. Bank© knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts…We all must do more to hold lawbreaking companies accountable when they abuse and misuse our sensitive personal data.”
In the penalty phase of the investigation, the CFPB ordered U.S. Bank© to make harmed customers whole by depositing a $37.5 million penalty into a victim relief fund.
In 2020, Wells Fargo was found to be engaged in a similar scheme in which bank employees opened unauthorized accounts for existing clients — the company was fined $3 billion, including a $500 million civil penalty to be distributed to investors.
The team of Civil Rights Leader and Trial Lawyer Ben Crump and the award-winning trial attorneys at Hilliard Martinez Gonzalez urges anyone who suspects they were a victim of the U.S. Bank© scheme to come forward for a free case evaluation to get justice and potential compensation.
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After more than a decade of unlawfully accessing customer credit reports to open fraudulent lines of credit and create sham accounts to inflate sales numbers, the government is finally moving towards holding those responsible fully accountable.
The U.S. Bank© fine is not the first time a major bank has been found illegally creating accounts for unsuspecting customers without their permission.
In 2016, Wells Fargo© settled with regulators for $185 million after 2 million fake accounts were found to have been illegally created by employees to increase their cross-sell ratio.
The scandal ruined Wells Fargo’s© reputation as a well-run bank, led to billions of dollars worth of fines against the bank, and led to the resignation of the bank’s CEO and its board of directors.
Other fake bank account scandals include:
- JPMorgan© was charged with failure to provide effective oversight of service providers and to train staff on how to effectively implement its identity theft prevention program.
- UBS© did not perform periodical reviews on new and existing customer accounts to determine how its identity theft program should be applied to the accounts, nor did it properly train staff on program implementation or include its board of directors in oversight.
- TradeStation© also neglected to include its board of directors in oversight duties and did not exercise oversight of service providers.
Civil Rights Leader and Trial Lawyer Ben Crump and the award-winning trial attorneys at Hilliard Martinez Gonzalez have experience getting justice and compensation for consumers who had fake bank accounts opened in their names by dishonest banking and financial institutions.
About Us
We stand on the side of consumers who had fake bank accounts opened in their names by U.S. banks and financial institutions.
USBankAccountLawsuit has partnered with renowned Civil Rights Leader and Trial Lawyer Ben Crump, and the award-winning trial attorneys at Hilliard Martinez Gonzalez, to fight dishonest product sales and privacy violations by banks and financial institutions.
About Us
We stand on the side of consumers who had fake bank accounts opened in their names by U.S. banks and financial institutions.
USBankAccountLawsuit has partnered with renowned Civil Rights Leader and Trial Lawyer Ben Crump, and the award-winning trial attorneys at Hilliard Martinez Gonzalez, to fight dishonest product sales and privacy violations by banks and financial institutions.
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