Headquartered in Minneapolis and with assets of more than $559 billion, the US Bank exerted pressure on its employees to achieve sales targets, offering incentives to sell bank products as a form of labor requirements. The investigation concluded that, in order to achieve their objectives, the employees had illegal access to personal data and reports of the bank's customers, to open phantom accounts without the permission of the same.
Read more: Bank will have to reimburse amount of fraud
see more
Before announcing 'new Fies', MEC 'goes after' students...
Large Brazilian banks, such as Bradesco and Caixa, are the target of malware…
As announced by the CFBP on July 28, US Bank was fined $37.5 million after the completion of the five-year investigation. In a press release, CFBP Director Rohit Chopra said, “For more than a decade, the U.S. Bank has known that your employees are exploiting your customers by misappropriating consumer data to create accounts fake”.
In contrast, the US bank told CNN Business that since 2016 it has been making improvements in supervision and operations with respect to banking product sales practices, and that employees receive incentives only for accounts where the customer uses the service.
The investigation also concluded that the bank was aware of the facts that occurred, that employees opened accounts without the consent of customers and that it had no means of preventing or disclosing the actions. It was also discovered that deposit accounts, cards and lines of credit were transferred at high interest rates with exorbitant amounts to customers.
The US bank has more than 2,800 branches across the country, and its actions have harmed its customers, negatively impacting their credit profiles.
Lover of movies and series and everything that involves cinema. An active curious on the networks, always connected to information about the web.
