trending Market Intelligence /marketintelligence/en/news-insights/trending/DFNcza2P4kbidVP5VKfY3w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Citizens provides consent orders update

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

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.