CFPB fines bank $37.5M for personal data exploitation

The U.S. Consumer Financial Protection Bureau fined U.S. Bank $37.5 million for illegally accessing customer credit reports and sensitive personal data and opening accounts and lines of credit without the customer's consent, according to a CFPB press release. “For over a decade, U.S. Bank knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts,” CFPB Director Rohit Chopra said. “We all must do more to hold lawbreaking companies accountable when they abuse and misuse our sensitive personal data.”