A U.S. regulator on Thursday fined U.S. Bancorp $37.5 million for mistreating customers by opening sham accounts without their permission, conduct that also occurred at larger rival Wells Fargo & Co.
The Consumer Financial Protection Bureau said U.S. Bancorp, the fifth-largest U.S. commercial bank, pressured employees to open unauthorized accounts by imposing sales goals and offering financial rewards for selling more products.
