12:23 PM EDT, 07/09/2024 (MT Newswires) -- Fifth Third Bancorp ( FITB ) said Tuesday that it agreed to pay $20 million in fines to the Consumer Financial Protection Bureau to settle litigation related to its sales practices and an investigation into its auto finance servicing activities.

The deal resolves disputed sales practices issues related to a number of accounts that were opened from 2010 to 2016 and concerns over an auto collateral protection insurance program that Fifth Third shut down in 2019, the Cincinnati-based banking holding company said

Fifth Third will pay fines of $15 million for the sales practices and $5 million for auto finance servicing activities, the company said.

As part of the settlement, Fifth Third said it will develop and implement remediation plans for remaining customers who were affected by the issues, as well as maintain policies and develop plans to comply with regulations.

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