Today, the Consumer Financial Protection Bureau took action against repeat offender Fifth Third Bank for a range of illegal activities that will result in the bank paying $20 million in penalties as well as paying redress to approximately 35,000 harmed consumers, including about 1,000 who had their cars repossessed.
Interesting information, Julia.
Compliance & Risk Professional
2wI think this part of the order is interesting and something to ponder carefully: "Ban sales goals that led to fake accounts: The proposed order would prohibit the bank from setting sales goals for its employees that incentivize the opening of unauthorized accounts."