Violation Tracker Individual Record

Company: 
Citizens Bank
Current Parent Company: 
Citizens Financial Group
Penalty: 
$8,800,000
Year: 
2015
Date: 
August 12, 2015
Primary Offense: 
banking violation
Violation Description: 

The Federal Deposit Insurance Corporation announced a settlement with Citizens Bank of Pennsylvania, Philadelphia, Pennsylvania, for unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act. Under the settlement, CBPA agreed to an Order for Restitution and Order to Pay Civil Money Penalty. The Order required CBPA to pay a civil money penalty of $3 million and provide restitution of approximately $5.8 million to consumers and businesses who held more than 475,000 accounts affected by the violations.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Federal Deposit Insurance Corporation
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Rhode Island
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.