The Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), in a joint investigation, issued fines against Citizens Bank and its affiliates for allegedly failing to credit consumers for the full amount of their deposited funds. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Citizens Bank kept deposit discrepancy money when receipts did not match the money actually transferred. The bank chose to ignore these discrepancies and harmed many consumers by pocketing the difference. First, the CFPB's investigation found that from January 1, 2008, through November 30, 2013, Citizens Bank violated the Dodd-Frank Wall Street and Consumer Protection Act by failing to properly credit checking and deposit accounts. consumer savings. Due to ineffective scanners, Citizens Bank lost millions of dollars to consumers by failing to correct errors in which the bank's scanner misread either the deposit slip or checks provided by consumers, but when the error was reported, the bank chose to ignore the error and only corrected for people whose discrepancies reached $50. Second, the CFPB found that not only did Citizens Bank fail to credit consumers for the full amount of their deposits, but the bank falsely claimed that it would verify the deposits. Citizens Bank and its subsidiaries have failed to provide accurate information and protection to the most vulnerable people in society: the consumer. Because of their unfair business practices, the CFPB's consent order required the bank to provide approximately $11 million in refunds to the consumer, in addition to $20.5 million in federal penalties. Various civil penalties and restitution were subsequently added. Also noteworthy is the coordinated activity between the CFPB, OCC, and FDIC. The CFPB is keeping its promise to coordinate its investigations and enforcement activities with other regulators to avoid another financial crisis. The bank has agreed to properly review its compliance management system to ensure that there will be no more violations related to its deposit processing, it must not distort its processing practices and it must incorporate corrective measures if the bank fails to process deposits in accordance with the Federal Consumer Finance Act. Keep in mind: This is just a sample.Get a custom paper from our expert writers now.Get a Custom EssayIn conclusion, I would say that in the years leading up to the 2008 financial collapse, Federal banking regulators have ignored numerous warnings about increasingly predatory mortgage practices, credit card tricks used by the bank to gain access to the system. In response to the problems caused by these predatory practices, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included a major publicly demanded reform: the Consumer Financial Protection Bureau. Its laws are designed to protect consumer rights and ensure that businesses maintain the integrity of the financial system..