Fifth Third to Pay $20 Million in Account, Auto Settlements (1)

Fifth Third Bancorp will pay a combined $20 million to resolve a US regulator’s claims that the bank generated fake consumer accounts and engaged in auto loan policies that resulted in unnecessary repossessions.

The fake account settlement, filed Tuesday in the US District Court for the Southern District of Ohio, resolves litigation the Consumer Financial Protection Bureau filed in March 2020 alleging Fifth Third set performance targets for employees that resulted in the creation of fake bank accounts for around 35,000 customers from 2010 through 2016.

Fifth Third agreed to pay a $15 million civil money penalty to resolve ...