New York CNN —
Fifth Third Bank on Tuesday said it agreed to pay $20 million in penalties imposed by the Consumer Financial Protection Bureau to settle a CFPB investigation into its auto insurance practices, and a 2020 lawsuit the agency filed pertaining to the bank’s creation of fake customer accounts.
The CFPB said it was imposing penalties on the bank for illegally charging customers for unnecessary auto insurance policies. It estimates the practice harmed more than 35,000 customers and resulted in vehicle repossession for more than 1,000 of them.
“Fifth Third Bank demanded borrowers pay
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