Kessler Topaz Meltzer & Check, LLP is investigating a potential class action lawsuit on behalf of U.S. Bancorp customers.
Alleged Wrongful Conduct
On May 4, 2021, U.S. Bancorp revealed that the U.S. Consumer Financial Protection Bureau (“CFPB”) has been conducting an investigation regarding “certain of the company’s consumer sales practices.”
Although neither U.S. Bancorp nor the CFPB have disclosed the exact nature of the investigation, over the past couple of years, the CFPB has been scrutinizing banks’ sales practices in the wake of Wells Fargo's fake-accounts scandal. For example, in 2019 the agency opened a civil investigation into Bank of America to determine whether it violated federal law by opening credit card accounts without customers’ knowledge. Last year, the CFPB sued Fifth Third Bancorp for allegedly opening customer accounts without their authorization between 2010 through 2016. That case is expected to go to trial in 2022 or later, unless a settlement is reached.
Since 2018, the CFPB has reached settlements with TCF Financial and TD Bank Group in connection with the marketing and sale of overdraft services. And in November, Regions Financial disclosed that it was responding to a civil investigative demand from the CFPB over certain overdraft policies and practices.
If you are a U.S. Bancorp or U.S. Bank customer, and would like to learn more about our investigation, please fill out our online form, or contact James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.