Regulators Act Against Fifth Third Bank For Auto-Lending Discrimination, Prohibited Bank Card Methods
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Regulators Do Something Against Fifth Third Bank For Auto-Lending Discrimination, Prohibited Charge Card Techniques
Federal regulators dished away a double dosage of enforcement today by firmly taking action against Fifth Third Bank for presumably asking greater interest levels to minority borrowers for auto loans and deceptively marketing credit card add-on services and products to bank clients.
The customer Financial Protection Bureau, combined with the Department of Justice, announced today that Fifth Third Bank must spend $18 million to harmed African-American and auto that is hispanic borrowers, and an extra $3 million in relief to qualified customers afflicted with deceptively marketed charge card add-on services and products.
Fifth Third Bank â€“ which runs roughly 1,300 branches in 12 states â€“ provides what are referred to as â€œindirectâ€ automobile financing to customers, meaning it offers automobile dealerships with loans at a collection, risk-based rate of interest after which enables the dealerships to add-on a â€œdealer markup,â€ which could then be split between your dealership and also the bank.