Citizens Financial fined $9 million for credit card violations
The Consumer Financial Protection Bureau fined Providence, R.I.-based Citizens Financial Group $9 million for violating consumer financial protection standards on disputed credit card transactions. According to the CFPB, Citizens violated the Truth in Lending Act by improperly denying customers’ requests for reports of fraud and errors and requiring them to “jump through unnecessary and burdensome hoops, which are not required under the Truth in Lending Act, to report fraud.”