A bank created fake accounts, forced clients into unnecessary car insurance and repossessed vehicles when they didn’t pay. Now it has agreed to $20 million in penalties

July 9, 2024 11

A bank created fake accounts, forced clients into unnecessary car insurance and repossessed vehicles when they didn’t pay. Now it has agreed to $20 million in penalties

Fifth Third Bank on Tuesday said it agreed to pay $20 million in penalties imposed by the Consumer Financial Protection Bureau to settle a CFPB investigation into its auto insurance practices, and a 2020 lawsuit the agency filed pertaining to the bank’s creation of fake customer accounts.

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