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 Thursday with U.S. Bank, the sixth-largest bank by assets. U.S. Bank was ordered to repay about 420,000 customers who signed up for credit monitoring products and were charged for services they didn't receive. In addition, Minneapolis-based U.S. Bank is paying $9 million in penalties to the CFPB and the Treasury Department agency that oversees national banks.
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It was the latest in a string of enforcement actions against major banks over billing for credit card "add-ons." Federal regulators have been examining the financial industry's marketing of the products for several years.