Banking Law News

Fifth Third Says it Faces a CFPB Fake Account Enforcement Action

March 3, 2020, 11:01 AM

Fifth Third Bancorp. said it’s facing a Consumer Financial Protection Bureau enforcement action over allegations the bank opened unauthorized accounts on behalf of customers.

The CFPB’s staff has said it plans to file an enforcement action over false account generation, the Cincinnati-based bank said in a filing yesterday with the Securities and Exchange Commission. No timing was provided.

Fifth Third said it didn’t know how large the enforcement action would be, but said it had set aside reasonable reserves for any action. Lydia Beyoud and Evan Weinberger have more


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