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A $21 Million Fine Was Given to U.S. Bank for Freezing Accounts During the Pandemic!


cheapnailsalonsnearme– One of the biggest banks in the United States, U.S. Bank, has been fined $21 million for doing illegal things during the COVID-19 pandemic. This is a big change in the law. The Consumer Financial Protection Bureau (CFPB) gave this fine because the bank did things like freezing customers’ accounts and making it harder for them to get important jobless benefits.

Overview of U.S. Bank’s Unlawful Actions

When unemployment rose to almost 15%, a lot of Americans relied on unemployment payments to get by. But U.S. Bank froze the accounts of tens of thousands of users, making it impossible for them to get to these funds. Customers had to fill out a lot of paperwork to get back in, which made their financial problems even worse.

Breakdown of the $21 Million Penalty

The fine comprises two components:

  1. Restitution to Affected Customers: Nearly $6 million of the total fine is allocated for payments to customers who were impacted by the frozen accounts.
  2. Monetary Fine: The remaining $15 million is a direct fine imposed on the bank.

Legal Violations and C FPB’s Findings

The CFPB’s probe showed that what the U.S. Bank did was against both the Electronic Funds Transfer Act and the Consumer Financial Protection Act. By asking customers who were getting state benefits for more paperwork, the bank illegally delayed these benefits.

For many of the people who were impacted, these pending payments were their only way to make money. Also, the bank didn’t give customers temporary credits, which is illegal because it caused accounts to be frozen or funds to be limited for more than 10 days.

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