Fifth Third penalized for forcing unnecessary insurance on auto borrowers
Company: Fifth Third Bancorp
Summary
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/