On August 12, 2015, the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation each issued enforcement actions against various Citizens Bank entities for unfair and deceptive and unsafe and unsound practices relating to the processes by which the bank reconciled discrepancies between amounts shown on deposit tickets and the actual amount of items submitted for deposit in violation of Section 5 of the Federal Trade Commission Act and other applicable laws. The enforcement actions impose civil money penalties on Citizens Bank and order the various entities to make restitution to affected customers and businesses as well as take certain other remedial corporate governance and other compliance-related actions.
The OCC consent order against Citizens Bank, N.A. is available at: http://www.occ.gov/static/enforcementactions/ea2015-088.pdf.
The CFPB consent order against Citizens Bank, N.A., Citizens Financial Group, Inc. and Citizens Bank of Pennsylvania is available at: http://files.consumerfinance.gov/f/201408_cfpb_consent-order-rbs-citizens.pdf.
The FDIC consent order against Citizens Bank of Pennsylvania is available at: https://www.fdic.gov/news/news/press/2015/pr15066a.pdf.