Jul 9, 04:05 PM

Ohio Lender Fifth Third Bank Fined $20 Million by CFPB for Illegal Practices Including Auto Insurance

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.

#Consumer Financial Protection Bureau #Ohio #Fifth Third Bank #CFPB

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