NEW YORK (S&P Global Ratings) July 29, 2022--S&P Global Ratings said today that while the Consumer Financial Protection Bureau's (CFPB) consent order against U.S. Bancorp's (USB; A+/Negative/A-1) main bank subsidiary, U.S. Bank National Assn. (AA-/Negative/A-1+) introduces some reputational risk for the company, we believe that it does not point to pervasive risk management issues. The CFPB's order states that USB issued credit cards and lines of credit, and opened deposit accounts for certain consumers from 2010-2020 without their knowledge. The CFBP fined the company $37.5 million and is requiring that USB maintain policies and procedures to prevent and detect improper sales acts. We believe that USB's current practices address the issues at hand and that remediation efforts will not be
