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Violation Tracker Individual Record

Company: Citizens Bank
Current Parent Company: Citizens Financial Group
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $8,800,000
Year: 2015
Date: August 12, 2015
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 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 Current Parent: USA
HQ State of Current Parent: Rhode Island
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.