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.

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