U.S. Bank opened fake accounts for unsuspecting customers

One of the largest banks in the U.S. illegally opened accounts for customers without their permission, according to the Consumer Financial Protection Bureau (CFPB).

Minneapolis-based U.S. Bank, with over $559 billion in assets, accessed unsuspecting customers' credit reports, opened checking and savings accounts, credit cards and lines of credit without customers' authorization in order to increase sales, the CFPB found in a five-year-long investigation.

U.S. Bank knew its employees were opening the unauthorized accounts, but failed to regulate them, according to the CFPB. The bank imposed sales goals on workers and introduced an incentive-compensation program that financially rewarded employees for selling its products like deposit accounts and credit cards, the CFPB said.