Citizens Bank Hit With $37 Million In Fines By U.S. Regulators

By Trey WilliamsMarketWatch Pulse

Citizens Financial Group Inc. on Wednesday drew fines totaling nearly $37 million from the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency for failing to credit full deposit amounts to customers. A CFPB investigation of Citizens Bank found deposit discrepancies in which receipts didn't match actual sums of money transferred. A Citizens Bank spokesman said in a statement that since 2013 the bank has instituted a new teller system to change how next-day deposits are credited when there are discrepancies in deposit slips.

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