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U.S. Bank fined for opening ‘sham’ accounts for customers

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By Ramishah Maruf, CNN

    (CNN) — The fifth-largest 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.

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The CFBP announced Thursday that it fined U.S. Bank $37.5 million, after a five-year investigation.

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