Fifth Third Bancorp
Approved Evidence
Fifth Third paid about $85 million after admitting failures to report defective FHA mortgages
Fifth Third Bancorp and subsidiaries agreed to pay approximately $85 million to resolve federal civil fraud claims involving materially defective FHA-insured mortgage loans. The bank admitted responsibility for failing to self-report loans it knew were defective, contrary to HUD requirements. Source: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-85-million-settlement-fifth-third-bancorp-over-failures
Fifth Third paid $15 million penalty over unauthorized customer accounts
CFPB's 2024 sales-practices resolution required Fifth Third to pay a $15 million penalty over allegations involving unauthorized customer accounts and barred sales goals that incentivized fraudulent account opening. Source: https://www.consumerfinance.gov/enforcement/actions/fifth-third-bank-national-association/
Fifth Third penalized for forcing unnecessary insurance on auto borrowers
CFPB found Fifth Third placed duplicative or unnecessary force-placed insurance on auto loans, charged premiums after policies should have terminated, provided inadequate notices, and made deceptive representations about cancellation timing and amounts due. The 2024 order included a $5 million penalty and redress for harmed consumers. Source: https://www.consumerfinance.gov/enforcement/actions/fifth-third-bank-na-fpi-2024/