Citizens Bank Settles with CFPB for $9 Million Penalty over Credit Card Practices
TL;DR
Citizens Bank has agreed to pay a $9 million civil money penalty to resolve allegations that it violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions. The Consumer Financial Protection Bureau (CFPB) alleges that the bank failed to properly manage and respond to customers’ credit card disputes and fraud claims, violating the Truth in Lending Act and its implementing Regulation Z. The CFPB will be closely watching the conduct of the credit card industry as outstanding credit card debt approaches $1 trillion.
- CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing Consumer Financial Protection Bureau
- Citizens Bank to pay $9 mln penalty over credit card practices -US regulator Reuters
- Citizens Bank to Pay $9 Million Penalty in Settlement with CFPB Investopedia
- Citizens Bank settles CFPB lawsuit over credit card disputes for $9M American Banker
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