A bank created fake accounts, forced clients into unnecessary car insurance and repossessed vehicles when they didn’t pay. Now it has agreed to $20 million in penalties.

“Fifth Third Bank demanded borrowers pay for coverage they did not need or else face delinquency, additional fees and repossessions,” the agency said in a statement.

Fifth Third Bank conducted repossessions of vehicles when the delinquency was caused by the bank charging unnecessary
and duplicative coverage.

The bank, which is based in Cincinnati, Ohio, operates branches in 12 states, primarily in the Midwest and Southeast.

In addition, CFPB said Tuesday that it had filed a proposed court order that would require the bank to pay $15 million in penalties pertaining to practices that incentivized employees to create fake customer accounts.

Tuesday’s actions are not the first the CFPB has taken against Fifth Third. In 2015,

the bank was ordered to pay $18 million to harmed Black and Hispanic borrowers in what CFPB charged was discriminatory
auto loan pricing. And it was ordered to pay $3 million to harmed consumers and
a $500,000 penalty for illegal credit card practices.”

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The free of consequences market predatory practices that far right extremists libertarians tech bros are imposing on America economy system….

But..but..it’s ‘legal ‘…and..and…why don’t you make your own ban…and..and..🐗

Late stage capitalism

Sounds like my last landlord.