Newsroom

CFPB on Thursday ordered U.S. Bank to pay a $48 million refund to consumers who were unfairly charged for various identity protection and credit monitoring services they did not receive or authorize.

CFPB said the services were sold as "add-on products" for banking products such as credit cards, mortgage loans and checking accounts. U.S. Bank will pay a $5 million civil money penalty to CFPB and a $4 million penalty to the Office of the Comptroller of the Currency, the bureau said.

U.S. Bank customers were charged for the "add-on products" without giving the necessary authorization for the bank to perform these services. Services were administered by a third-party vendor.

CFPB's enforcement actions against U.S. Bank force the entity to:

• end unfair billing practices;
• complete repayment of $48 million to more than 420,000 consumers;
• conveniently repay consumers;
• improve oversight of third-party vendors; and
• pay a $5 million penalty.