CBS News: U.S. Bank opened fake accounts for unsuspecting customers

CBS News, July 28, 2022, U.S. Bank opened fake accounts for unsuspecting customers

Minneapolis-based U.S. Bank, the country’s fifth-largest bank with over $559 billion in assets, accessed unsuspecting customers’ credit reports and opened checking and savings accounts, credit cards and lines of credit without customers’ authorization in order to boost sales, the CFPB found in a five-year-long investigation.

U.S. Bank knew its employees were opening the unauthorized accounts but failed to regulate them, according to the agency. The bank imposed sales goals on workers and introduced an incentive-compensation program that financially rewarded employees for selling its products like deposit accounts and credit cards, the CFPB said.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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