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U.S. Bank NA pays $15M for bankruptcy filing violations

Cincinatti, OH
04/25/2017
Fine Amount: 
$15 million
Penalty Type: 
Issued by: 

The OCC has issued a consente order for the assessment of a $15 million civil money penalty against U.S. Bank National Association for bankruptcy filing violations. The OCC found that, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees, among others, that did not comply with bankruptcy rules and constituted unsafe or unsound banking practices. In addition to the civil money penalty, U.S. Bank has made or will make about $29 million in remediation payments to approximately 22,000 account holders.

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