(Finance) – US Bank will pay $36 million for the accusations of having illegally prevented unemployed consumers from accessing benefits of unemployment during the pandemic from coronavirus. Specifically, the Consumer Financial Protection Bureau (CFPB) ordered it to pay nearly $21 million, while the Office of the Comptroller of the Currency (OCC) separately ordered it to pay $15 million.
US Bank is wholly owned by US Bancorp and is headquartered in Minneapolis. It’s about the fifth largest commercial bank of the country, with 2,000 branches in 26 states. As of September 30, 2023, it had assets of $668 billion.
“At a time when unemployment was near 15%, many unemployed Americans across the country had no choice but to rely on US Bank for their unemployment benefits. US Bank has blocked access to accounts and required burdensome paperwork For consumers to regain access to frozen benefits, US Bank must comply with the law, and the CFPB and OCC are making the bank pay for its conduct, CFPB Director Rohit Chopra said.