CFPB probes U.S. Bank over its handling of unemployment benefit payments

U.S. Bank disclosed Tuesday the Consumer Financial Protection Bureau (CFPB) launched an investigation into the bank’s administration of unemployment benefits during the Covid-19 pandemic.

According to its quarterly report filed with the Securities and Exchange Commission, U.S. Bank said it is under investigation by the CFPB regarding “the company’s administration of unemployment insurance benefit prepaid debit cards during the pandemic timeframe.” The bank offered no other information on the investigation, and through a spokesperson, declined to comment further. In its disclosure, the bank noted it is “cooperating fully with all pending examinations, inquiries, and investigations.”

A CFPB spokesperson could not confirm or deny the existence of a pending investigation because that information is confidential.