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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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