Truist and Fifth Third Pause Distribution of Products Linked to Mark Walter’s Delaware Life
Truist Financial (TFC) and Fifth Third Bancorp (FITB) have temporarily halted the distribution of products tied to Delaware Life Insurance, a company controlled by billionaire Mark Walter. The move comes amid an ongoing investigation into Walter's business empire. According to sources familiar with the decisions, both banks are taking precautionary steps as they assess potential risks associated with their partnerships. The pause in product offerings could affect customers who rely on these financial products and may signal broader regulatory or reputational concerns surrounding Delaware Life Insurance. Both Truist and Fifth Third have not disclosed further details about when distribution might resume, but the decision reflects heightened scrutiny of high-profile business figures.
Topics: banking insurance investigation