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Fifth Third Bank reaches settlement agreement with CFPB over sales practices and auto finance servicing activities

Jul 09, 2024almost 2 years ago

Contract Type

agreement

CincinnatiFinancial Services

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.

Company Information

Company

Fifth Third

Location

38 Fountain Square Plaza

Cincinnati, Ohio, United States

About

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the Company had $205 billion in assets and operates 1,096 full-service Banking Centers, and 2,369 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2021, had $483 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

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