Violation Tracker Individual Record

Company: 
Fifth Third Bank
Current Parent Company: 
Fifth Third Bancorp
Penalty: 
$21,500,000
Year: 
2015
Date: 
September 28, 2015
Primary Offense: 
consumer protection violation
Secondary Offense: 
credit card violation
Violation Description: 

The Consumer Financial Protection Bureau announced two separate actions against Fifth Third Bank, for allegedly discriminatory auto loan pricing and illegal credit card practices. The joint CFPB and Department of Justice auto-lending enforcement action required Fifth Third to change its pricing and compensation system to minimize the risks of discrimination, and to pay $18 million to harmed African-American and Hispanic borrowers. The CFPB's action against Fifth Third's deceptive marketing of credit card add-on products required the bank to provide an estimated $3 million in relief to eligible harmed consumers and pay a $500,000 penalty.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Ohio
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.