CFPB v. Fifth Third Bank, N.A.

Fifth Third Bank, N.A. allegedly placed duplicative and unnecessary force-placed insurance on motor vehicle loans; charged premiums for force-placed-insurance policies that had terminated; and failed to provide sufficient notice to consumers of increased monthly payments due to force-placed insurance. Fifth Third Bank, N.A. allegedly made deceptive representations to borrowers about the time required to cancel force-placed-insurance policies and about the total amount due in right-to-cure letters. Fifth Third Bank, N.A. allegedly violated the Fair Credit Reporting Act by furnishing inaccurate information to consumer reporting agencies regarding repossessions. Fifth Third Bank, N.A. allegedly failed to notify consumers of increases in the amounts of preauthorized electronic-fund transfers due to force-placed insurance, in violation of the Electronic Fund Transfer Act and Regulation E, according to CFPB.

Summary generated from official Consumer Financial Protection Bureau press release