How to pay twice for car insurance.

I'm David Brancaccio in New York.

A major regional bank has agreed to resolve claims it harmed thousands of customers by opening fake accounts and charging for unnecessary

insurance tied to car and truck loans. Fifth Third Bank will pay millions of dollars and is trying

to move beyond this by labeling these legacy issues.

Marketplace's Nova Safo has more.

Allegations about fake accounts at Fifth Third Bank were previously known.

There was a CFPB lawsuit in 2020. The charges tied to auto loans are new. Now the bank has agreed to pay a

$15 million penalty over the accounts issue and to abide by new restrictions. And it will pay a $5 million penalty over the auto loans

and so-called force-placed insurance policies,

which lenders can charge to protect the underlying assets

tied to loans. These special policies are only

supposed to kick in when consumers own auto insurance lapses. But the

CFPB says Fifth Third Bank charged customers who had their own auto insurance.

And much of the money from additional premiums went right back to the bank instead of to an insurance

company. Fifth Third Bank did not admit wrongdoing and settling the charges. It said it had already

taken significant action to address the issues at hand. The CFPB pointed out that it's

had to penalize the bank before, including for allegedly discriminating

against black and Latino auto loan customers. for for Federal Reserve Chair Jerome Powell as the guardian of interest rate in chief,

briefs lawmakers on inflation, growth, and the job market.

The bond market is higher today and the S&P and the NASDAQ stock indexes hit new all-time highs.

Let's do some Powell Parsing with Susan Schmidt, head of Public Equity at the State of

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