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Fifth Third Bank reaches settlement agreement with CFPB over sales practices and auto finance servicing activities
Contract Type
agreement
Description
Fifth Third Bank has entered into a comprehensive settlement agreement with the Consumer Financial Protection Bureau (CFPB). The agreement involves resolving litigation related to sales practices and an investigation into the Bank's auto finance servicing activities. As part of the agreement, Fifth Third has agreed to pay a $15 million fine for sales practices and a $5 million fine for auto finance servicing activities. Additionally, the bank is required to maintain existing policies, develop compliance plans, and work with the Bureau's supervisory arm to implement remediation plans for affected customers.