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.
