RBS Citizens Hit With $14M Misleading Marketing Penalty

Law360, New York (April 30, 2013, 2:55 PM EDT) -- Federal banking regulators on Tuesday ordered RBS Citizens and its Citizens Bank of Pennsylvania unit to pay a combined $13.9 million in civil penalties and restitutions to settle claims that the bank misled customers about overdraft and rewards products.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. alleged that RBS Citizens, a Providence, R.I.-based unit of Royal Bank of Scotland PLC, used misleading statements about consumers’ ability to opt out of overdraft programs and other features as well as a...
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