Citizens Bank To Pay $9M Penalty For Unlawful Credit Card Servicing
Portfolio Pulse from Nabaparna Bhattacharya
Citizens Financial Group (CFG) has reached a settlement with the Consumer Financial Protection Bureau (CFPB) over billing errors and related issues by its unit Citizens Bank. The company has been fined $9 million for unlawful credit card servicing activities.
May 23, 2023 | 4:58 pm
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Citizens Financial Group (CFG) has been fined $9 million by the CFPB for unlawful credit card servicing activities. The issue impacted a small subset of customers nearly eight years ago.
The $9 million fine imposed on Citizens Financial Group (CFG) by the CFPB for unlawful credit card servicing activities is likely to have a negative short-term impact on the company's stock price. The issue, which affected a small subset of customers, has been resolved, but the fine and negative publicity may cause investors to be cautious in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100