US Bancorp May Face CFPB Action In Sales Practice Case – Law360

Written by Amanda

US Bancorp May Face CFPB Action In Sales Practice Case  Law360

By Al Barbarino (May 4, 2022, 6:09 PM EDT) — U.S. Bancorp has told investors that the Consumer Financial Protection Bureau is mulling an enforcement action against the bank, one year after the agency launched a probe into its consumer sales practices.

The CFPB is “considering a potential enforcement action,” and the remedies or settlements could include fines, penalties, restitution or “alterations in the company’s business practices,” the banking giant said in a regulatory filing Tuesday.

“The company is engaged in discussions with the CFPB on this matter and does not believe an enforcement action is warranted,” according to the filing.

U.S. Bancorp did not provide details regarding the types of…

Source: law360.com

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