You'd think that USBank management would have learned from the experience of WellsFargo. After all, they're part of the "best and brightest", right?
Wrong!!
The 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.
U.S. Bank, which is based in Minneapolis and has over $559 billion in assets, pressured its employees to meet sales goals as part of their job requirements, offering them incentives for selling bank products, the regulator said. 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....
Ticker mentioned it.
In 2021, USBank earnings were $7 BILLION ++.
The fine for this fraud?
$37 million. Hell, that's probably the annual bonus for the top 3 officers of the Bank (the jackwads who oversaw the fraud).
Best and Brightest.
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