U.S. Bancorp, the nation’s largest regional lender, agreed to pay $57 million to settle regulatory claims that some of its account holders were unfairly billed for identity-theft protection products, Bloomberg News reported today. The lender’s U.S. Bank unit will provide $47.9 million in restitution for more than 420,000 customers, the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau said yesterday. The bank, which settled without admitting or denying wrongdoing, also will pay fines of $4 million to the OCC and $5 million to the CFPB, they said. Customers were illegally billed from 2003 to 2012 for protection offered through Affinion Group Holdings Inc.’s Trilegiant unit, the agencies said. The accords require U.S. Bancorp to improve its oversight of such third-party vendor relationships.
http://www.bloomberg.com/news/2014-09-26/u-s-bancorp-settles-bhp-probe-…
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