Thread regarding U.S. Bank layoffs

Holiday Gift from the regulators

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic. U.S. Bank froze tens of thousands of accounts. However, it failed to provide people a reliable and quick way to regain access. The bank also failed to provide provisional account credits, while investigating potentially unauthorized transfers. Today’s order requires U.S. Bank to pay $5.7 million to consumers harmed by its actions and to pay a $15 million penalty.

The Office of the Comptroller of the Currency (OCC) separately fined U.S. Bank $15 million. The CFPB and OCC coordinated during their investigations into U.S. Bank’s illegal conduct.

“At a time when unemployment was close to 15%, many out-of-work Americans throughout the country had little choice but to rely on U.S. Bank for their unemployment benefits. U.S. Bank blocked access to accounts and demanded burdensome paperwork in order for consumers to regain access to their frozen benefits," said CFPB Director Rohit Chopra. “U.S. Bank must comply with the law, and the CFPB and OCC are making the bank pay for its conduct.”

https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-us-bank-to-pay-21-million-for-illegal-conduct-during-covid-19-pandemic/

Thank you sir may I have another?

https://www.consumerfinance.gov/about-us/newsroom/cfpb-fines-us-bank-37-5-million-for-illegally-exploiting-personal-data-to-open-sham-accounts-for-unsuspecting-customers/

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| 2193 views | | 6 replies (last January 20, 2024) | Reply
Post ID: @OP+1q9fqF9F

6 replies (most recent on top)

Cheers. Fine should have been more punitive. This is egregious behavior of a bully (because they can).

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Post ID: @wwlf+1q9fqF9F

Taking in billions in profits while laying off its workers is just vile by any standards.

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Post ID: @wvuh+1q9fqF9F

Many employees have received layoff notices, with a vast majority of those impacted from Union Bank.

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Post ID: @wjrk+1q9fqF9F

While paying the fines, keep boasting about all those ethical awards. HA

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Post ID: @arsb+1q9fqF9F

Wow makes me proud to be a US Bank employee!

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Post ID: @etg+1q9fqF9F

$63.5 million in fines in a 15 month window seems troubling for that part of U.S. Bank, haven't heard of any projected layoffs in the card business lines

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Post ID: @uoc+1q9fqF9F

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