Violation Tracker Individual Record

Company: 
Citizens Bank
Current Parent Company: 
Citizens Financial Group
Penalty: 
$6,400,000
Year: 
2013
Date: 
April 30, 2013
Offense Group: 
financial offenses
Primary Offense: 
banking violation
Violation Description: 

The Federal Deposit Insurance Corporation announced a settlement with Citizens Bank of Pennsylvania, Philadelphia, Pennsylvania, for deceptive practices in violation of Section 5 of the Federal Trade Commission Act (Section 5). Under the settlement, CBPA agreed to an Order for Restitution and Order to Pay Civil Money Penalty (Order). The Order required CBPA to pay a civil money penalty of $5.0 million and provide restitution of approximately $1.4 million to more than 75,000 affected consumers.

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.