United States v. Fifth Third Bank (S.D. Ohio)

Overview: 

On September 28, 2015,  the United States filed a complaint and consent order in United States v. Fifth Third Bank (S.D. Ohio), alleging that the bank engaged in a pattern or practice of discrimination on the basis of race and national origin in its indirect auto lending business in violation of the Equal Credit and Opportunity Act (ECOA).  The consent order includes $18 million in restitution for harmed African American and Hispanic borrowers, and requires the bank to change the way it prices its loans by limiting dealer markup to 125 basis points (or 1.25%) for loans of 60 months or less, and to 100 basis points (or 1%) for loans greater than 60 months.  This matter was investigated and settled jointly with the Consumer Financial Protection Bureau. The court entered the consent order on October 1, 2015.

Case Open Date: 
Monday, September 28, 2015
Case Name: 
United States v. Fifth Third Bank (S.D. Ohio)
Tags: 
equal credit opportunity act
ecoa
race
african american
black
national origin
hispanic
latino
1:15-cv-626
auto
loan
car
financing
regulation b
department of justice
Consumer Financial Protection Bureau
Industry Code: 
None
Component: 
Civil Rights - Housing and Civil Enforcement Section
Updated October 14, 2015