Lawsuit alleges Consumer Financial Protection Act violations.
3/9/2020 9:30
The Consumer Financial Protection Bureau filed suit in the U.S. District Court for the Northern District of Illinois for a bank’s alleged establishment of accounts without consumers’ knowledge, among other acts, on Monday, according to a news release from the CFPB.
Fifth Third Bank, National Association (Fifth Third) reportedly, “without consumers’ knowledge or consent: opened deposit and credit-card accounts in consumers’ names; transferred funds from consumers’ existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers’ accounts,” according to the CFPB news release.
The CFPB alleges Fifth Third “violated the Consumer Financial Protection Act’s prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations.”
In the court complaint, the CFPB seeks an injunction for Fifth Third to stop the alleged conduct and provide redress for consumers, as well as pay a civil financial penalty.
“The complaint is not a finding or ruling that Fifth Third has violated the law,” according to the CFPB news release.