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Fifth Third Bank hit with order to pay $20m for opening fake accounts

CFPB charged bank over range of illegal activities centering on motor vehicle loans.

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Alexander Barzacanos

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Forcing loan borrowers into redundant and unnecessary coverage policies, opening fake accounts in customers’ names and providing unauthorized services has resulted in a fine from the Consumer Financial Protection Board (CFPB) for Fifth Third Bank, a large bank holding company headquartered in Cincinnati.

The CFPB has ordered Fifth Third to

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