The CFPB has established this has taken action against Fifth Third Bank for auto-lending discrimination and credit that is illegal methods. The Bureau ended up being accompanied because of the Department of Justice with its action involving discriminatory car loan prices.
The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action requires 5th 3rd to improve its prices and payment system to reduce the potential risks of discrimination, also to spend $18 million to harmed African-American and Hispanic borrowers. The CFPBвЂ™s action against Fifth ThirdвЂ™s marketing that is deceptive of card add-on products requires the financial institution to give a predicted $3 million in relief to qualified harmed customers and spend a $500,000 penalty.
Fifth Third Bank is a local bank and depository institution that is insured. It really is headquartered in Cincinnati, Ohio, mainly serving states into the Midwest and Southeast. Continue Reading