Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Fifth Third pays $20 million to resolve fake account and wrongful auto repossession charges https://t.co/JkLzY82IX4
The Consumer Financial Protection Bureau slapped Fifth Third Bank with a $20 million fine on Tuesday for allegedly forcing auto loan customers to buy unnecessary car insurance policies, and in some cases repossessing their vehicles when they defaulted. https://t.co/l3UXPfjqOZ
Fifth Third Bank to pay restitution and $5 million penalty over mishandling "force-placed insurance" on customer vehicles. https://t.co/BvF5iRBK9D
The Consumer Financial Protection Bureau (CFPB) has taken action against Ohio lender Fifth Third Bank for a series of illegal activities, including opening unauthorized accounts and forcing duplicative car insurance on consumers who already had coverage. As a result, the bank will pay $20 million in penalties and provide redress to approximately 35,000 affected consumers. The CFPB's investigation revealed that these practices led to 1,000 families losing their cars to repossession. Fifth Third Bank has entered into a settlement agreement with the CFPB to resolve these charges.