On March 9, 2020, the Consumer CFPB filed suit against Fifth Third Bancorp, alleging the bank had opened unauthorized accounts between 2008 and 2016. The complaint also alleges that Fifth Third knew this was happening but didn’t do enough to stop it or to compensate consumers who were harmed.
According to the CFPB, the unauthorized activity included:
- opening new deposit and credit card accounts
- transferring funds from existing accounts to the new unauthorized accounts
- enrollment in online banking services
- activating new lines of credit
If you’ve ever banked with Fifth Third Bank, you may be affected.
Fifth Third Reveals Intended Enforcement Action by CFPB
Fifth Third Bancorp first revealed in its filing with the Securities and Exchange Commission on March 2, 2020 that the Consumer Financial Protection Bureau intended to file an enforcement action regarding alleged unauthorized account openings.
When the CFPB filed suit on March 9, Fifth Third said the suit was “unnecessary and unwarranted.” Our firm is investigating the extent to which consumers may have been harmed by Fifth Third.
Our Financial Fraud Attorneys
Our Results in Financial Fraud Cases
|H&R Block||$19.4 million for consumers who were misled about the benefits and fees associated with Express IRAs|
|American Fair Credit Association (AFCA)||$40 million settlement for members of the AFCA who were misled about credit repair programs|
|Chase Bank||$100 million for Chase Bank customers after unilateral modifications to loans more than doubled their monthly payments|
|American Express||$100 million for clients who received services from American Express Financial Advisors|