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

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Photo: Scott Olson/Getty Images

Alexander Barzacanos

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

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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