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November 30, 2015 1:27 AM ET


Company Overview of Citizens Bank, National Association

Company Overview

Citizens Bank, National Association provides banking services to individuals and businesses in the United States. Its personal banking services include checking and savings accounts, money market accounts, certificates of deposit (CDs), and IRAs; mortgages, home equity loans, and home equity lines of credit; and credit and debit cards. The company’s individual investment banking services include personalized guidance to support their financial needs of retirement planning, education planning, general investing, insurance protection, and citizens managed accounts. Its business investment banking services comprise personalized guidance to support the financial needs of insurance protection and...

One Citizens Plaza

Providence, RI 02903

United States





Key Executives for Citizens Bank, National Association

President of Citizens Business Credit
President of Charter One Michigan and President of Rbs Citizens Michigan
Connecticut State President
State President of Massachusetts
President of Mortgage
Age: 52
Compensation as of Fiscal Year 2015.

Citizens Bank, National Association Key Developments

Citizens Bank Announces the Appointment of Chris Nard as President of Mortgage

Citizens Bank announced the appointment of Chris Nard as President of Mortgage. Nard, a mortgage industry veteran with 30 years of experience, previously served as President and COO for Old Republic International Corporation (ORI). Nard will be responsible for managing mortgage operations, sales and technology teams effective October 19, 2015. He succeeds Cheryl Nolda, who is leaving the company at the end of the year after five years with Citizens. Nard will report to Brad Conner, Vice Chairman and Head of Consumer Banking.

Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation and The Office of the Comptroller of the Currency Orders Citizens Bank to Pay $18.5 Million for Failing to Credit Full Deposit Amounts

Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds. The bank kept money from deposit discrepancies when receipts did not match actual money transferred. Today's CFPB consent order requires the bank to provide approximately $11 million in refunds to consumers and pay a $7.5 million penalty for the violations. CFPB action is against Citizens Bank, N.A., formerly known as RBS Citizens Bank, N.A.; Citizens Financial Group, Inc., formerly known as RBS Citizens Financial Group, Inc.; and Citizens Bank of Pennsylvania. For the period at issue, the bank generally required its customers making a deposit to fill out a slip listing the checks or cash being deposited, and their total. The customer then turned the deposit slip over to the bank and got a receipt reflecting the amount on the deposit slip for the transaction. The bank scanned the deposit slip and deposit items at a central location. The CFPB investigation found that from January 1, 2008 to November 30, 2013, Citizens Bank violated the Dodd-Frank Wall Street Reform and Consumer Protection Act's prohibition on unfair and deceptive practices by failing to properly credit consumers' checking and savings accounts. In cases where the bank's scanner misread either the deposit slip or the checks, or if the total on the deposit slip did not equal the total of the actual checks, Citizens Bank did not take action to fix the mistake if it fell below a certain dollar amount. Over the years, by ignoring the discrepancies the bank shorted consumers millions of dollars. Specifically, Citizens Bank: Failed to credit consumers the full amount of their deposits: Citizens Bank frequently did not give consumers full credit for their deposits when the amount scanned on the deposit slip was less than the amount of the checks and cash deposited. The bank credited the consumer's account with what was read on the deposit slip, not the actual sum of money the consumer transferred into the bank. Citizens only investigated and fixed errors when they were above a certain threshold. From January 2008 to September 2012, the bank only looked into discrepancies greater than $50. From September 2012 to November 2013, the bank only looked into discrepancies greater than $25. Citizens Bank told consumers that deposits were subject to verification, implying that the bank would take steps to ensure consumers were credited with the correct deposit amount. But the bank's practice was not to verify and correct deposit inaccuracies unless they were above the $25 or $50 threshold. Although some consumers benefited by this policy, others lost money that rightfully belonged to them. The CFPB concluded that many of those consumers were harmed by this unfair and deceptive practice. Under the Dodd-Frank Act, the CFPB has the authority to take action against institutions engaging in unfair, deceptive, or abusive practices. Today's order requires Citizens Bank to: pay $11 million to consumers who did not receive all the money that should have been deposited into their accounts. Citizens Bank must include any fees the consumer incurred related to the under-crediting, including but not limited to any overdraft fees, insufficient funds fees, and monthly maintenance fees. The bank must also include a reasonable estimate of interest on these amounts. Consumers are not required to take any action to receive their credit or check. If the consumers have an open account with the bank, they will receive a credit to their account. For closed accounts, Citizens Bank will send a check to the affected consumers. Citizens Bank will make a $7.5 million penalty payment to the CFPB's Civil Penalty Fund. The CFPB is taking this action in coordination with the FDIC and the OCC. The FDIC separately ordered Citizens Bank of Pennsylvania to pay restitution and a $3 million civil penalty. The OCC separately ordered Citizens Bank, N.A., to pay restitution and a $10 million civil penalty. In total, Citizens Bank must pay about $11 million in consumer refunds and $20.5 million in federal penalties for these coordinated actions. As part of these actions, the FDIC and OCC are ordering additional relief relating to business accounts.

Citizens Bank Announces Executive Changes

Citizens Bank announced the appointment of Quincy Miller, President of Business Banking, as its new Massachusetts state president and the appointment of Connecticut Head of Middle Market Banking Lisa Maass as its new Connecticut state president. As state presidents, Miller and Maass will lead Citizens’ engagement with civic, business and community leaders across their respective states. Miller succeeds outgoing Massachusetts president Jerry Sargent, who will focus on leading Citizens’ Middle Market business after serving as state president for five years. The Middle Market segment spans businesses with annual revenue of $25-$500 million. His responsibilities include the overall leadership of state presidents across the Citizens footprint. A member of Citizens Bank’s Executive Leadership Group, Miller serves as a member of the Citizens Bank Charitable Foundation Board of Directors. He also currently serves as board chair for the Urban League of Eastern Massachusetts. Miller will retain responsibility for Citizens’ Business Banking business, which serves companies with annual revenue of up to $25 million. Prior to joining Citizens in 2006, Miller spent nine years at M&T Bank in New York City and in Harrisburg, Pa., where he was vice president and retail regional manager. Maass, also a member of the company’s Executive Leadership Group, joined Citizens from Connecticut Bank and Trust in 1994 and has led Middle Market banking in the state since 2011.

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