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U.S. Bancorp is fined $37.5 million for opening sham accounts

July 28, 2022

Via: Yahoo

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.

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