Citizens Financial Group and two of its subsidiaries will pay at least $34.5 million to settle allegations by three regulators that the banks engaged in unfair and deceptive practices related to processing deposits made by consumers and businesses.
The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, and the Office of Comptroller of the Currency took separate, related enforcement actions against the company and its affiliates for ignoring deposit discrepancies.
The CFPB said the banking company frequently did not give consumers full credit for their deposits when the amount scanned on the deposit slip was less than the amount ...
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