$571.
That’s the penalty per customer that the bank is paying for ruining the lives of 35,000 people.
What a disgrace.
Banks need to go away.
Discussion
"Tuesday’s actions are not the first the CFPB has taken against Fifth
Third. In 2015, the bank was ordered to pay $18 million to harmed Black
and Hispanic borrowers in what CFPB charged was discriminatory auto loan
pricing. And it was ordered to pay $3 million to harmed consumers and a
$500,000 penalty for illegal credit card practices."
cost of crime, no apparent change in behavior all at great expense to society to support the CFPB and at the cost of suppressing value creation, suppressing value exchange, and suppressing emergent market behavior.
fines = legal for a price