CFPB Sues Bank Over Alleged Unauthorized Account Activity

  • The Consumer Financial Protection Bureau (“CFPB”) sued Fifth Third Bank, National Association (“Fifth Third Bank”) for allegedly taking unauthorized action on consumer accounts in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Truth in Lending Act, and the Truth in Savings Act.
  • In the complaint, the CFPB alleges that Fifth Third Bank opened unauthorized deposit and credit card accounts in consumers’ names, transferred funds from existing accounts to the unauthorized new accounts, activated unauthorized lines of credit, and enrolled consumers in online banking services without their knowledge, among other things.
  • The complaint seeks injunctive relief, damages, restitution, disgorgement, civil penalties and costs. The complaint also asks the court to order Fifth Third Bank to identify and notify all consumers who may have had an unauthorized action taken on their behalf and allow such consumers to close unauthorized accounts and services without fees or penalties, as well as order Fifth Third Bank to correct harmful consumer credit information resulting from its unauthorized activity.