CFPB Fines US Bank Lunch Money For "Fake Account" Scandal - Why it's NOT like Wells Fargo!

<p><strong>2 Podcasts in 3 days. Just like pandemic times.</strong></p> <p><br></p> <p><strong>I am doing an "emergency" podcast to discuss the </strong><a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-fines-us-bank-37-5-million-for-illegally-exploiting-personal-data-to-open-sham-accounts-for-unsuspecting-customers/" target="_blank"><strong>CFPB fining US Bank, based in Minnesota, $37.5 Million for issues pertaining to unauthorized accounts</strong></a><strong> (some call them 'fake accounts') for customers between 2010 and 2016. This is in line with the timeframe of the Wells Fargo stuff.&nbsp;</strong></p> <p><strong>I read the press release which I chuckle at for many reasons.</strong></p> <ul> <li><strong>How there is such disgust over "sales goals" for associates. I hated sales goals, but it seems like fake outrage, because every job has goals to it. Every bank, even beloved credit unions, have goals.</strong></li> <li><strong>How this fake account scandal seemed to target rich people and high-end products, that have annual fees like the </strong><a href="https://applications.usbank.com/oad/termsSimpleApply.controller?locationCode=18569&amp;offerId=BMHV3RH91P&amp;sourceCode=36847" target="_blank"><strong>$400 Premier Credit Card</strong></a><strong>. If it was widespread, a lot of low-end cards would have been sold as deeply. This sounds like an isolated group of people selling to a small amount of wealthy clients who likely didn't know any better until someone else told them this was "fake".&nbsp;</strong></li> <li><a href="https://www.consumerfinance.gov/enforcement/payments-harmed-consumers/civil-penalty-fund/" target="_blank"><strong>The Lameness of the CFPB Victim Fund</strong></a><strong>, which sounds to me like no one is getting this money who was affected by it!</strong></li> </ul> <p><br></p> <p><a href="https://www.cbsnews.com/news/us-bank-fake-accounts-consumer-financial-protection-bureau-cfpb/" target="_blank"><strong>CBS News Article about it</strong></a></p> <p><br></p> <p><