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Citizens provides consent orders update

disclosedseveral updates to its consent orders and several purchases it has made in 2016in its Form 10-Q, filed May 9.

The bankdiscloses that it expects to remediate substantially all legacy matters relatedto several consent orders from regulators concerning its checking account products.Unit Citizens Bank NAis under two consent orders regarding deceptive marketing and implementation ofservices associated with its checking accounts, as well as billing and sales practicesrelated to identity theft and debt cancellation products. The bank and the holdingcompany are also subject to consentorders from August 2015 concerning deposit reconciliation practices.In all the cases, the bank paid the associated financial penalties and said it believesall the legacy matters are expected to be resolved by the end of 2016.

As previouslydisclosed, the bank repurchased $125 million of subordinated notes held by formerparent company Royal Bank of ScotlandGroup Plc on March 7. The bank also purchased $348 million of studentloans April 7.