The Consumer Financial Protection Bureau has filed a lawsuit against Fifth Third Bank alleging fake account openings for years in violation of consumer lending laws.
The CFPB alleged the bank conditioned employee performance ratings, incentives and even continued employment on meeting “ambitious” sales goals, pushing staff to create unauthorized new accounts for existing customers.
“For years, and continuing through at least 2016, Fifth Third used a ‘cross-sell’ strategy to increase the total number of products and services it provided to existing customers,” the CFPB said in its complaint filed Monday in the U.S. District Court for the Northern District of ...
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