Fifth Third Bank fined $20M for opening fake accounts, wrongfully triggering auto repossessions

The Consumer Financial Protection Bureau investigated a bank for creating fake accounts and illegal auto insurance charges. The bank was fined $5 million for charging over 35,000 customers for unnecessary insurance, leading to repossessions for over 1,000 customers. An additional $15 million fine was for incentivizing employees to create fake accounts. The bank has started addressing these issues.

What prompted the Consumer Financial Protection Bureau to launch an investigation?

• The bank's involvement in a major fraud case

• The bank's auto insurance practices

• The bank's poor customer service

• The bank's failure to pay taxes

How much was the bank fined for charging customers for unnecessary auto insurance policies?

• $10 million

• $5 million

• $1 million

• $15 million

How many customers were affected by the unnecessary auto insurance charges?

• Over 50,000

• Over 35,000

• Over 20,000

• Over 10,000

What was the consequence for over 1,000 customers due to non-payment?

• They received a refund

• They were fined

• Their vehicles were repossessed

• Their accounts were closed

What action has the bank taken in response to the issues raised?

• Started addressing the matters

• Ignored the allegations

• Filed a counter-lawsuit

• Increased employee incentives