The OCC and FDIC announced they reached a settlement with two subsidiaries of the RBS Group over allegations of inaccurate or misleading disclosures involving the banks' overdraft protection programs, checking rewards program, and recurring electronic fund transfers. The alleged violations took place between September 2007 and September 2011 and were purportedly discovered  during regulatory examinations, which highlights the importance of conducting regular internal examinations to identify and address any potential issues.

Pursuant to the terms of the consent orders (click here for the OCC order and here for the FDIC order), RBS Citizens, N.A. and Citizens Bank of Pennsylvania, a state bank affiliate of RBS Citizens, N.A., will pay $10 million in civil fines and $3.9 million in restitution to customers. In addition, the banks have agreed to correct the violations; enhance their compliance risk management program, policies and procedures; and take other corrective actions to ensure compliance with consumer protection laws. RBS has denied the allegations, but a spokesperson for RBS said: "We take the results of these regulatory exams very seriously. We have changed the practices identified in these exam results and are working with our regulators to address any customer impacts that they have identified."