Fifth Third Bank, National Association
On March 9, 2020, the Bureau filed a lawsuit in federal district court in the Northern District of Illinois against Fifth Third Bank, National Association. On February 12, 2021, the court granted a motion to transfer the case to the Southern District of Ohio. The Bureau filed an amended complaint on June 16, 2021. The Bureau alleged that, by misleading consumers about the bank’s sales practices, opening products and services and engaging in consumer-account transactions without consumer consent, and failing to adequately address the misconduct, Fifth Third engaged in unfair and abusive acts or practices in violation of the Consumer Financial Protection Act and violated the Fair Credit Reporting Act, the Truth in Lending Act (TILA), the Truth in Savings Act (TISA), and TILA’s and TISA’s implementing regulations. On July 9, 2024, the Bureau filed a proposed stipulated judgment and final order, which the court entered on July 18, 2024. The order requires Fifth Third to pay a $15 million civil money penalty and redress to consumers. It also requires Fifth Third to come into compliance with the law and to not set performance-management and sales goals for its employees that foster the opening of unauthorized accounts.
Related documents
Press release
Consumer Financial Protection Bureau Files Suit Against Fifth Third Bank, National Association for Allegedly Opening Unauthorized Accounts and Enrolling Consumers in Unauthorized Products and Services
CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts