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Citizens Financial Group Comments on CFPB Settlement

Business Wire
·2-min read

PROVIDENCE, R.I., May 23, 2023--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230522005693/en/

Contacts

Media: Peter Lucht - 781.655.2289
Investors: Kristin Silberberg - 203.900.6854