Fifth Third Bank agreed to pay $20 million in penalties imposed by the Consumer Financial Protection Bureau.
CINCINNATI, Ohio – Fifth Third Bank agreed to pay $20 million in penalties imposed by the Consumer Financial Protection Bureau to settle an investigation into its auto insurance practices and the bank’s creation of fake customer accounts.the bank was fined $5 million after almost 1,000 families lost their cars due repossession after the bank illegally loaded up auto loan bills with excessive charges.
The Cincinnati-based bank was slapped with another $15 million fine for opening fake accounts in the names of its customers. CFPB filed a proposed court order banning Fifth Third Bank from setting employee sales goals that incentivize fraudulently opening accounts.
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