At the end of July 2022, the Consumer Financial Protection Bureau issued a consent order against U.S. Bank National Association. The Bureau summarized their initial observations that the Bank, in order to increase sales of certain consumer financial products or services, imposed sales goals and implemented financial incentives that rewarded employees for selling those products and services. Unfortunately, with sale activities and processes left unchecked, the Bureau also found that several compliance rules were violated and consumers were harmed. The end result…the Bureau fined the bank $37.5 million.
In this “Quick Bite”, you’ll hear from our National Compliance Services Director, Rhonda Coggins, CRCM on how the Bank went from incenting employees to sell, to creating an environment resulting in unlawful practices and what your institution needs to watch out for.
