U.S. Bank Faces $36M Penalty for Restricting Access to Unemployment Benefits Amid COVID Crisis
U.S. Bank has been ordered to pay $36 million in penalties related to dramatically freezing unemployment benefit accounts during the COVID-19 pandemic. The penalties came from the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). The CFPB ordered the bank to pay $5.7 million to affected customers and a $15 million civil penalty, while the OCC also leveled a $15 million penalty.
U.S. Bank extended its freeze criteria in summer 2020, resulting in account blockades for tens of thousands of eligible unemployment benefit recipients via its’ ReliaCard prepaid card unemployment insurance benefits program. In a few cases, these account blocks lasted for more than a month. U.S. Bank held contracts to deliver unemployment benefits with at least 19 states and the District of Columbia.
CFPB Director Rohit Chopra said that U.S. Bank had demanded burdensome paperwork from consumers to regain access to their frozen unemployment benefits. To verify users’ identity, the bank requested them to fax a copy or photo of a valid non-expired government ID, a copy or photo of a Social Security card, and a prior year tax document.
U.S. Bank has neither admitted nor denied any misconduct connected with the CFPB settlement. Under the terms of the consent order issued by the CFPB, the bank held $668.04 billion in total assets as of Sept. 30.