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Fifth Third accused of making accounts without customer consent

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Cincinnati-based Fifth Third Bank has been accused in a federal lawsuit of encouraging employees to set up accounts and credit cards without customer consent.

The federal Bureau of Consumer Financial Protection sued Fifth Third, alleging violations of the Consumer Financial Protection Act, Truth in Lending Act and the Truth in Savings Act.

The accusations are similar to those levied against Wells Fargo, which last month agreed to pay $3 billion to settle claims its employees created millions of fake accounts to meet sales goals.

Springfield Business Journal previously reported on Fifth Third in 2016, when Great Southern Bank purchased the company's St. Louis branches, deposits and loans.

Read more from the Cincinnati Enquirer.


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