U.S. Bank Fined $37,500,000 by the CFPB for Opening Fake Accounts for Customers

According to PYMNTS, U.S. Bank used customer information to open unauthorized bank accounts, and the CFPB has ordered it to pay $37,500,000 to compensate customers for the resulting harm. From what I can tell, it appears some employees were trying to earn account-opening commissions, and then used customer information to secretly open various additional bank accounts. If you were affected, it’s worth keeping an eye on further developments, since compensation should be available.

Consumer Financial Protection Bureau (CFPB) hit U.S. Bank with a $37.5 million consent order for illegally accessing customers’ credit reports and personal information to open accounts without their permission.