FORT WAYNE, Ind. (WOWO): A bank with several local branches will have to pay up in a settlement with federal investigators.
Cincinnati-based banker Fifth Third Bancorp, which owns eight branches in and around Fort Wayne alone, has agreed to an $18 million settlement on allegations that thousands of black and Hispanic borrowers paid higher rates that obliged them to pay around $200 more over the life of their loans than white non-Hispanic borrowers did.
The settlement requires compensation for borrowers who were overcharged and requires changes and monitoring of the way Fifth Third prices what are called “indirect” auto loans originated by dealers.
Fifth Third says it strongly opposes any type of discrimination.