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What was U.S. Bank fined for? Opening a 'Sham' account for customers in the U.S. bank fine

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New York (CNN) As America's fifth largest commercial bank, it was fined by the Consumer Financial Protection

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Bureau for illegally accessing a consumer credit report and opening accounts without their permission.

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US Bank, which is well-located in Minneapolis and has more than approximately $559 billion in assets, 

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has been told that its employees do too much to meet sales goals as part of the job requirements. 

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Pressurized, offered them great incentives to sell bank products and said the regulator. To meet all those goals, 

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all bank employees illegally accessed all customer credit reports and personal data to open accounts

without permission, the investigation found. The CFBP announced the same day Thursday that it had closed the U.S.

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after a five-year investigation. The bank was fined approximately $37.5 million. Rohit Chopra, Director, CFPB,

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said in a press release, "For more than a decade, the bank was aware that employees were taking advantage

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of customers by misusing consumer data to create fake accounts. In a statement to CNN Business,

US Bank said since 2016 regarding sales practice concerns, employees only receive incentives for accounts

where there is access to customer service. US The settlement pertains to legacy sales practices involving

a small percentage of accounts dating back to 2010, the bank said on Saturday. Glad to have this matter behind you.

US The bank has over 2,800 branches in the United States. The CFBP said the investigation found evidence

 that the bank was aware that customers were opening accounts without authorization and there

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were no measures to trace them. The agency said sales campaigns and compensation programs rewarded

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employees for selling bank products. Employees who opened deposit accounts, credit cards and lines of credit

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had high interest rates and customer fees. The US bank's conduct caused harm to customers in the form

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of unsolicited accounts, negative impact on credit profiles, control over personally identifiable

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information, CFBP said in the release. Name and self refund all want.