From the Fifth Third Bancorp 2022 Sustainability Report: Responsible Banking

Sep 7, 2023 5:10 PM ET
Fifth Third Bank responsible banking graphic

We are focused on delivering best-in-class financial products and services and providing access to those services whenever and wherever consumers want them. We are responsible for ensuring that our products and services are accessible to all consumers, in all markets, and that the right types of responsible products and services are offered. We strive to act in the best interest of consumers by providing reasonably priced products, defining clear terms and disclosures, and offering fair and consistent service. By doing so, we can build lasting customer relationships and meet our responsibility to help them prosper.

Honest Business Practices 

We strive to act in our customers’ best interest. Fair and honest business practices are essential to keeping our customers at the center of everything we do. Unethical business practices are strictly prohibited and, further, are not consistent with our core values. We are fully committed to maintaining nonabusive and antipredatory lending practices. Credit decisions are made without regard to race, ethnicity, color, religion, national origin, sex, age, marital status, sexual orientation, gender identification or assignment, military status, disability, receipt of public assistance, familial status or a consumer’s exercise of credit protection rights. 

Fifth Third’s Community Reinvestment Act and Responsible Banking Committee is responsible for guiding enterprise-wide CRA and responsible conduct strategies and policies. The committee facilitates high-level direction to consumer and commercial lines of business consistent with such strategies and policies. The committee also seeks to promote a corporate culture that supports Fifth Third’s commitment to both the letter and spirit of the CRA and other laws and regulations that prohibit behavior and practices that could be deemed unethical, discriminatory or predatory in nature, as well as unfair, deceptive or abusive acts or practices known as UDAAP. 

The CRA and Responsible Banking Committee is led by the consumer and business practices senior compliance director and the chief community impact banking officer of Fifth Third Bank. Membership comprises leadership from the lines of business; the Legal, Risk, and Fair Lending departments; as well as community development representatives. The committee’s responsibility is delegated from the Board of Directors, which oversees the committee’s actions through the Enterprise Risk Management Committee. 

Further, we assert that fair lending and responsible banking compliance is the responsibility of all employees, a message reiterated in the Company’s Code of Business Conduct and Ethics, which all employees are required to sign and acknowledge on an annual basis. In 2022, over 99.4% of employees made this acknowledgment, a requirement that is regularly tested and verified.

In addition, the Bank requires employees and contractors to complete compliance training on an annual basis, including: complaint management, financial crimes compliance training, preventing fraud and Doing the Right Thing, which comprises eight modules. One module, Responsible Banking and Fair Lending Basics, covers Fifth Third’s commitment to making financial products and services available to prospective and existing customers on a fair and responsible basis. These courses are required no matter what an employee’s role is at the Bank. In 2022, 99.9% of all required compliance training modules were completed by employees.

Fair Marketing

The mission of our Marketing department is to support customer-centric growth by fully activating the Bank’s brand. Marketing professionals are motivated by doing what’s right for customers and keeping them at the center of all decisions. Marketing works with our one bank model, meaning that team members across the organization work together to serve the needs of customers and communities seamlessly and holistically. The one bank model works because it builds trust, creates value and deepens relationships. This approach is also employed as we consider sponsorships and advertising. 

Product Reviews

Introduction of new products as well as product expansions and modifications are carefully reviewed to ensure compliance with applicable rules and regulations, and customer suitability. Assessments of new products and changes to existing products are reviewed by the risk management committees. 

Additionally, we want to ensure that existing products continue to be delivered to customers as intended, designed, in accordable with contractual terms and in compliance with applicable laws and regulations. To accomplish that, we continue our enhanced product risk management practices by implementing a product delivery risk assessment framework to oversee the delivery of existing products to customers. 

For more information about Fifth Third’s commitment to responsible banking, read the 2022 Sustainability Report.