Reuters: Regulatory News: U.S. regulators punish RBS Citizens for overdraft issues

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U.S. regulators punish RBS Citizens for overdraft issues Apr 30th 2013, 14:24 WASHINGTON, April 30 | Tue Apr 30, 2013 10:24am EDT WASHINGTON, April 30 (Reuters) - U.S. bank regulators said on Tuesday they ordered RBS Citizens to pay a $5 million penalty to resolve issues with its overdraft and rebate programs. The Office of the Comptroller of the Currency said it also ordered RBS Citizens, a subsidiary of Royal Bank of Scotland Group Plc, to pay $2.5 million restitution to 265,000 customers who were allegedly misled by the bank through those programs. The Federal Deposit Insurance Corp entered into a related settlement with Citizens Bank of Pennsylvania, a state bank affiliate. The bank neither admitted nor denied the regulatory findings, according to the settlements.

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