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Richard Cordray

Citizens Bank Returning $14M To Customers, Fined $20.5M

Citizens Bank is returning $14 million to individual and business customers in an agreement with federal regulators for failing to credit customers the full amounts of their deposits. The bank also was fined a total of $20.5 million by three federal agencies. Altogether, customers with hundreds of thousands of checking and savings accounts were shorted millions of dollars over six years starting in 2008, the regulators said Wednesday. The action, the first of its kind, was brought by the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp. and the Treasury Department's Office of the Comptroller of the Currency. Citizens Bank pocketed the difference in cases where...

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