U.S. Bank is refunding about $48 million in the latest federal settlement by a major bank over improper billing for extra credit card products that customers didn’t receive.
The Consumer Financial Protection Bureau announced the agreement with U.S. Bank, the sixth-largest bank by assets. The bank was ordered to repay about 420,000 customers who signed up for credit monitoring products and charged for services they didn’t receive. In addition, the Minneapolis-based company is paying $9 million in penalties to the CFPB and the Treasury Department agency that oversees national banks.
