Citizens Bank settles CFPB lawsuit over credit card disputes

Yesterday, the CFPB announced that it has reached a settlement of a lawsuit filed in 2020 against Citizens Bank. The agency alleged that the bank failed to properly manage and respond to customers’ credit card disputes and fraud claims. The settlement includes a $9 million civil penalty, and an agreement that the bank will fix some of its practices, including by prohibiting its employees from requiring customers to provide a fraud affidavit signed under penalty of perjury in support of a credit card claim.

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