The Office of the Comptroller of the Currency imposed an additional $15 million penalty on the bank over the same practices. The fifth-largest commercial bank in the country, U.S. Bank administered prepaid debit cards to distribute unemployment insurance benefits through its ReliaCard program. Between March 2020 and July 2021, states issued $794 billion in combined state and federal unemployment benefits. The $15 million OCC portion of the fine was related to alleged unfair practices under the Federal Trade Commission Act. Under a consent order, U.S. Bank will provide $5.7 million in redress to consumers and pay a $15 million civil money penalty.

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Persons: WASHINGTON, Rohit Chopra, Cheryl Leamon, Leamon, Chopra Organizations: Consumer Financial, U.S, Bank, U.S . Bank, CNBC, Federal Trade Commission, Consumers, OCC, U.S . Treasury Locations: U.S, cardholders, Minneapolis , Minnesota