Fifth Third Enters into Settlement Agreement with CFPB
2024年7月10日 - 12:21AM
ビジネスワイヤ(英語)
Fifth Third Bank announced today it has reached a comprehensive
settlement agreement with the Consumer Financial Protection Bureau
(CFPB) to resolve both its litigation related to sales practices
and an investigation into the Bank’s auto finance servicing
activities. Fifth Third has agreed to pay a $15 million fine for
sales practices and a $5 million fine for auto finance servicing
activities. This agreement requires Fifth Third to maintain
existing policies and develop compliance plans. The Bank will also
work with the Bureau’s supervisory arm to develop and implement
remediation plans for any customers whom the Bank has not already
remediated for these issues. The settlement resolves disputed sales
practices issues related to a limited number of accounts opened
beginning in 2010 and ending in 2016. The settlement also addresses
the CFPB’s concerns about an auto collateral protection insurance
program that Fifth Third voluntarily discontinued in January
2019.
“Today’s settlement concludes both the sales practices
litigation with the CFPB, and its separate investigation into
certain auto finance servicing activities related to a collateral
protection insurance program that the Bank shut down in 2019 before
the CFPB began its investigation,” said Susan Zaunbrecher, chief
legal officer of Fifth Third. “We have already taken significant
action to address these legacy matters, including identifying
issues and taking the initiative to set things right. We
consistently put our customers at the center of everything we do.
We are pleased to put these historical matters behind us so we can
continue to focus on creating sustainable long-term value for our
shareholders, customers, employees and in our communities.”
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on
history. Since 1858, we’ve been helping individuals, families,
businesses and communities grow through smart financial services
that improve lives. Our list of firsts is extensive, and it’s one
that continues to expand as we explore the intersection of
tech-driven innovation, dedicated people and focused community
impact. Fifth Third is one of the few U.S.-based banks to have been
named among Ethisphere’s World’s Most Ethical Companies® for
several years. With a commitment to taking care of our customers,
employees, communities and shareholders, our goal is not only to be
the nation’s highest performing regional bank, but to be the bank
people most value and trust.
Fifth Third Bank, National Association, is a federally chartered
institution. Fifth Third Bancorp is the indirect parent company of
Fifth Third Bank, and its common stock is traded on the NASDAQ®
Global Select Market under the symbol "FITB." Investor information
and press releases can be viewed at www.53.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709360289/en/
Jennifer Hendricks Sullivan (Media Relations)
jennifer.hendricks.sullivan@53.com | 614-744-7693 Matt Curoe
(Investor Relations) Matthew.Curoe@53.com | 513-534-2345
Fifth Third Bancorp (NASDAQ:FITB)
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過去 株価チャート
から 10 2023 まで 10 2024