Citizens Financial Group (CFG) Comments on CFPB Settlement

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.”

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