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Thursday, November 21, 2024

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Federal inquiry traces payments from Gaetz to women; a new Florida-Puerto Rico partnership poised to transform higher-ed landscape; MT joins Tribes to target Canadian mining pollution; Heart health plummets in rural SD and nationwide; CO working families would pay more under Trump tax proposals.

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Transgender rights in Congress, a historic win for Utah's youngest elected official, scrutiny of Democratic Party leadership, and the economic impact of Trump's tax proposals highlight America's shifting political and social landscape.

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The CDC has a new plan to improve the health of rural Americans, updated data could better prepare folks for flash floods like those that devastated Appalachia, and Native American Tribes could play a key role in the nation's energy future.

Feds fine bank $20 million for illegal car insurance practices

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Thursday, July 11, 2024   

Fifth Third Bank just agreed to pay a $20 million fine to settle charges it forced car buyers to purchase unnecessary insurance and created fake accounts in customers' names.

The Consumer Financial Protection Bureau said the bank required customers with car loans to buy insurance, even if they already had coverage or got their own within 30 days.

Rosemary Shahan, president of Consumers for Auto Reliability and Safety, said some customers then could not afford the payments.

"There were about 1,000 consumers who had their cars repossessed," Shahan recounted. "Most people rely on their car to get to and from work, and get their kids to school, and get to medical appointments. So that is really devastating when they lose their car."

In a statement, Fifth Third Bank said it shut down the protection insurance program in 2019 and is taking action to set things right. The money from the fine will go to a fund to reimburse 35,000 customers who were harmed. The court order also bans the company from setting employee sales goals incentivizing fraudulently opening accounts.

Shahan pointed out car dealers sometimes make verbal promises differing from the written contract or fail to even print out the financing paperwork. She wants people to know they cannot be required to buy insurance if they already have coverage.

"The best way to avoid all these scams is join a credit union, get your own financing, and deal with a reputable bank," Shahan recommended. "Don't let the dealer get financing for you."

In 2015, Fifth Third Bank was ordered to pay more than $21 million in fines for discriminatory auto loan pricing and for illegal credit card practices.

Disclosure: Californians for Safety and Justice contributes to our fund for reporting on Criminal Justice. If you would like to help support news in the public interest, click here.


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