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 was the reason for the Consumer Financial Protection Bureau's investigation into the Bank?

How much will the company pay as a penalty for its actions?

What illegal practice was the Bank accused of regarding auto insurance?

What was the impact on customers due to the Bank's actions?

What steps has Fifth Third taken in response to the investigation?