American Banker reposted this
Fifth Third Bancorp has agreed to pay $15 million to settle a lawsuit brought by the CFPB over fake checking accounts. It also agreed to pay a $5 million fine to resolve new revelations that customers were overcharged for force-placed auto insurance over nearly a decade. However, it's important to note that Fifth Third did not admit or deny wrongdoing, and it did not acknowledge or accept the bureau’s allegations that there was a widespread or systemic problem with fake accounts. #banks #bankingsector #enforcement https://lnkd.in/grg_tBGW
Many are unfamiliar with GSE-authorized alternatives to title insurance, created to complement, not replace title insurance. iTitleTransfer is the nation’s first E2E provider of a Fully Insured Loan Closing Platform, authorized by Fannie Mae and Freddie iTitleTransfer’s proprietary platform includes search, examination, risk scoring, curative, AOL, escrow, eSigning, eNotary, eRecording and Deed Monitoring. iTitle’s platform insures lenders, borrowers and successors-of-interest for loan amount and life-of-loan, covering fraud, forgery, lien priority, CPL and duty-to-defend; for one-third the cost of title insurance. iTitle performs searches well beyond public land registry, before a closing package is submitted to a licensed attorney in our national network. Searches include, but are not limited to, lien, judgment, tax, environmental and HOA...depending on the loan product, the state and the lender’s underwriting requirements. Consumers deserve choice in selecting settlement services. And, as you know, title insurance is a monopoly of four corporate conglomerates controlling 85% of $30 Billion in annual revenue, and according to SEC filings, pays less than 3% in consumer claims. www.iTitleTransfer.com
Jim McCarthy
1w
McCarthy Hatch through its FSAi reported a massive trail of evidence supporting this decision for two years including the scope period of the examination of this institution. Your banks public data predicts these violations. However, here and across consumer finance, data is not being leveraged properly. Our clients in the largest banks are using FSAi to identify and remediate surgically.
To put into perspective, net income is $500million + per quarter for them. Easy math that’s about $5million per day, so about 3 days worth of business.
Bill Fanter
2w
Kate Berry Every bank which was addicted to overdraft fees participated in the games And don’t tell me that they didn’t know about it Because I know better!!
Neal Moran
2w
It’s normal for CFPB to include these neither admit nor deny disclaimers in their Consent Orders. Regulators don’t litigate if they don’t have to.
Am sure the profits from this were ten times higher.
From the play book written by John Stumpf ~~ bonus employees for cheating.
Lynn Eminent Scholar Chaired Professor of Finance at Florida Atlantic University
2w5/3 paid a $20 million "nuisance fee" to make the CFPB go away. This is NOTHING like the Wells Fargo scandal of a few years back.