Fifth Third Bank Fined $20 Million for Improper Auto Lending Practices

In a statement provided to PYMNTS, Cincinnati-based Fifth Third said it agreed to pay a $15 million fine for sales practices and a$5 million fine for auto finance servicing activities. The bank will also work with the CFPB on remediation plans for customers not already remediated for these issues. A CFPB investigation found that Fifth Third engaged in illegal repossessions and charged illegal fees via its insurance coverage. Between mid-2011 and the end of 2020, more than half of these policies were charge ...