In September 2014, in conjunction with the Office of the Comptroller of the Currency, the CFPB ordered the bank to pay “$47.9 million to more than 420,000 consumer accounts” that “were unfairly billed for identity theft protection products marketed by the bank and sold by its vendor.” The CFPB assessed the U.S. Bank National Association an additional “$5 million civil money penalty,” and mandated the bank association had to pay another $4 million to the U.S. Treasury.

• The restitution ordered against the Cincinnati, Ohio-based organization was set to “benefit consumers who enrolled in and paid for identity theft protection products between February 2003 and August 2012, but did not receive the full benefit of the products.” An investigation by the OCC found that the “bank’s practices violated Section 5 of the Federal Trade Commission Act, 15 U.S.C. 45[a][1], which prohibits unfair acts or practices.” [Press Release, “OCC Assesses Penalty Against U.S. Bank National Association; Orders Restitution for Unfair Billing Practices”, Office of the Comptroller of the Currency, 09/26/14]

• The restitution amount was set at “$47.9 million to more than 420,000 consumer accounts.” A “$4 million civil money penalty” was also assessed against U.S. Bank National Association, which was paid to the U.S. Treasury. [Press Release, “OCC Assesses Penalty Against U.S. Bank National Association; Orders Restitution for Unfair Billing Practices”, Office of the Comptroller of the Currency, 09/26/14]

• The CFPB “issued a separate order today against the bank based on unfair billing for identity theft protection products” which “required the bank to pay a $5 million civil money penalty and ordered restitution to harmed consumers.” [Press Release, “OCC Assesses Penalty Against U.S. Bank National Association; Orders Restitution for Unfair Billing Practices”, Office of the Comptroller of the Currency, 09/26/14]