Citizens Financial Group Comments on CFPB Settlement
May 23 2023 - 9:54AM
Business Wire
Citizens Financial Group, Inc. [NYSE: CFG] today announced a
settlement with the Consumer Financial Protection Bureau resolving
a complaint related to certain billing errors and related issues
that impacted a very small subset of Citizens’ credit card
customers nearly eight years ago.
In 2015, Citizens self-identified operational errors that may
have impacted approximately 2%, or about 25,000, of Citizens’
approximately 1.2 million credit card customers. Citizens contacted
the CFPB to report the issues while voluntarily beginning
remediation efforts. These efforts were all completed shortly after
the issues were discovered and the remediation exceeded all
obligations to make customers whole.
“While Citizens continues to disagree with the CFPB’s stance
with respect to these long-resolved issues, which were
self-identified and voluntarily addressed years ago, we are pleased
to put this matter behind us,” said Polly Klane, General Counsel of
Citizens. “We remain proud of our commitment to transparency, our
rigorous compliance programs, and our consistent effort to treat
customers fairly and operate responsibly.”
About Citizens Financial Group,
Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and
largest financial institutions, with $222.3 billion in assets as of
March 31, 2023. Headquartered in Providence, Rhode Island, Citizens
offers a broad range of retail and commercial banking products and
services to individuals, small businesses, middle-market companies,
large corporations and institutions. Citizens helps its customers
reach their potential by listening to them and by understanding
their needs in order to offer tailored advice, ideas and solutions.
In Consumer Banking, Citizens provides an integrated experience
that includes mobile and online banking, a full-service customer
contact center and the convenience of approximately 3,400 ATMs and
approximately 1,100 branches in 14 states and the District of
Columbia. Consumer Banking products and services include a full
range of banking, lending, savings, wealth management and small
business offerings. In Commercial Banking, Citizens offers a broad
complement of financial products and solutions, including lending
and leasing, deposit and treasury management services, foreign
exchange, interest rate and commodity risk management solutions, as
well as loan syndication, corporate finance, merger and
acquisition, and debt and equity capital markets capabilities. More
information is available at www.citizensbank.com or visit us on
Twitter, LinkedIn or Facebook.
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