Fifth Third Bancorp (FITB) has shared an update.
Fifth Third has settled a lawsuit with the Consumer Financial Protection Bureau by agreeing to a $15 million penalty without admitting wrongdoing. The settlement addresses allegations of improper consumer sales incentives and account opening practices. Additionally, they are resolving issues related to their auto lending business by paying a $5 million penalty and agreeing to remediate affected customers. These settlements include maintaining policy changes and creating compliance plans to prevent future legal issues.
For a thorough assessment of FITB stock, go to TipRanks’ Stock Analysis page.
