By Ramishah Maruf, CNNThe fifth-largest commercial bank in the US was fined by the Consumer Financial Protection Bureau for illegally accessing consumer credit reports and opening accounts without their permission. In order to meet those goals, the bank’s employees illegally accessed customer credit reports and personal data to open accounts without permission, the investigation found. The CFBP announced Thursday that it fined U.S. Bank $37.5 million, after a five-year investigation. The settlement is “related to legacy sales practices involving a small percentage of accounts dating back to 2010,” U.S. Bank said in a statement Saturday. The CFBP said its investigation found evidence that the bank was aware that its employees were opening accounts without customers’ authorization, and did not have measures in place to prevent and detect them.

Source: CNN July 31, 2022 02:13 UTC