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Us Bank

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business2 years ago•1 min saved

U.S. Bank Slapped with $36 Million Fine for Pandemic Misconduct

U.S. Bank has agreed to pay $36 million in penalties after being accused of illegally blocking unemployed individuals from accessing their pandemic-related benefits. The bank froze tens of thousands of prepaid card accounts without providing a way for users to regain access, citing expanded antifraud controls. The U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau found that U.S. Bank demanded burdensome paperwork and blocked access to accounts, leaving consumers without their frozen benefits. The bank will pay $21 million in penalties and redress to consumers, with an additional $15 million penalty assessed by the OCC.

via Reuters|

#antifraud-controls #business #pandemic-conduct

business2 years ago•2 min saved

U.S. Bank Slapped with $36 Million Fine for Unemployment Card Freezing

U.S. Bank has been fined a total of $36 million by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) for freezing access to unemployment insurance benefits during the Covid-19 pandemic. The bank blocked access to accounts and demanded excessive paperwork to regain access to frozen benefits, affecting thousands of consumers. While the bank prevented fraud amounting to over $375 million, it failed to provide a reliable method for consumers to access their funds. U.S. Bank will pay $5.7 million in redress to consumers and a $15 million civil money penalty, with the OCC penalty going to the U.S. Treasury.

via CNBC|

#business #consumer-financial-protection-bureau #fines

finance2 years ago•4 min saved

U.S. Bank Hit with $36 Million Fine for COVID-19 Misconduct

The Consumer Financial Protection Bureau (CFPB) has ordered U.S. Bank to pay nearly $21 million for blocking out-of-work consumers from accessing unemployment benefits during the COVID-19 pandemic. U.S. Bank froze tens of thousands of accounts and failed to provide a reliable and quick way for consumers to regain access. The bank also neglected to provide provisional account credits while investigating unauthorized transfers. The CFPB and the Office of the Comptroller of the Currency (OCC) coordinated their investigations, resulting in U.S. Bank being fined $15 million by each agency. U.S. Bank is required to pay $5.7 million to affected consumers and a $15 million penalty.

via Consumer Financial Protection Bureau|

#cfpb #consumer-protection #covid-19-pandemic