Violation Tracker Individual Record

Company: 
Citizens Bank, N.A.
Current Parent Company: 
Citizens Financial Group
Penalty: 
$18,500,000
Year: 
2015
Date: 
August 12, 2015
Primary Offense: 
consumer protection violation
Secondary Offense: 
banking violation
Violation Description: 

The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds. The bank kept money from deposit discrepancies when receipts did not match actual money transferred. The CFPB consent order required the bank to provide approximately $11 million in refunds to consumers and pay a $7.5 million penalty for the violations.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
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.