The Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) through a joint investigation issued fines against Citizens Bank and its affiliates for allegedly failing to credit consumers with the full amount of deposited funds. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Citizens Bank withheld money from deposit discrepancies 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 investigation revealed that from January 1, 2008, to November 30, 2013, Citizens Bank violated the Dodd-Frank Wall Street and Consumer Protection Act by failing to properly credit consumers' checking and savings accounts. Due to ineffective scanners, Citizens Bank sold millions of dollars to consumers by failing to correct errors in which the bank's scanner incorrectly read deposit slips or checks provided by consumers, but when the error was reported, the bank chose to ignore the error and only corrected for people where the discrepancies were up to $50. Second, the CFPB found that not only did Citizens Bank fail to credit consumers the full amount of their deposits, but the bank falsely claimed that it would verify the deposits. Citizens Bank and its affiliates have failed to provide accurate information and protection to society's most vulnerable: the consumer. Due to their unfair business practices, the CFPB's consent order required the bank to provide approximately $11 million in consumer refunds in addition to $20.5 million in federal penalties. Various civil penalties and restitution were later added. Also noteworthy is the coordinated activity between the CFPB, OCC and FDIC. The CFPB is making good on its promise to coordinate its investigations and enforcement activities with other regulators to prevent another financial crisis. The bank has agreed to adequately review its compliance management system to ensure that there are no further violations related to deposit processing, must not misrepresent its processing practices, and must incorporate corrective actions if the bank fails to process deposits. deposits in accordance with the Federal Consumer Financial Act. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay In conclusion, I would say that for years leading up to the financial collapse of 2008, federal bank regulators ignored numerous warnings of increasingly predatory mortgage practices, credit card tricks used by the bank to cash in on the system. In response to the problems caused by such predatory practices, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included a major publicly requested reform: the Consumer Financial Protection Bureau. Its laws are designed to protect consumer rights and ensure that companies maintain the integrity of the financial system.