By Aaron Nicodemus2024-07-09T20:04:00
Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau (CFPB) for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
The CFPB penalized Fifth Third Bank $15 million for incentivizing bank employees to open fake deposit accounts, credit cards, and other financial products without customers’ knowledge in order to hit certain sales goals, the agency said Tuesday in a press release. The bank also forced auto loan customers to accept unnecessary or duplicative insurance coverage that contributed to nearly 1,000 customers’ vehicles being repossessed, meriting a $5 million penalty
The CFPB also ordered the bank to issue refunds to 35,000 affected customers, and to create a policy banning the type of employee sales goals that contributed to the creation of fake accounts.
2024-08-12T13:25:00Z By Adrianne Appel
Credit Repair Cloud and its chief executive will pay $3 million in combined penalties and put in place significant compliance measures over illegally charging customers, according to the Consumer Financial Protection Bureau.
2024-05-07T17:48:00Z By Jeff Dale
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
2023-12-19T20:45:00Z By Kyle Brasseur
U.S. Bank agreed to pay nearly $36 million total in separate settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for allegedly impeding consumers’ access to their unemployment benefits during the Covid-19 pandemic.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
Site powered by Webvision Cloud