Citizens Bank Shutdown by Government in Recent Event

Financial Issues Cause Closure

The government has recently taken action to shut down Citizens Bank due to ongoing financial issues. The move has allowed the Federal Deposit Insurance Corporation (FDIC) to intervene and take control of the bank.

Citizens Financial Group Receives Industry Recognition

Despite the recent closure, Citizens Financial Group was recently named the Best Super-Regional Bank in the US by Euromoney's Awards for Excellence 2023.

Consumer Financial Protection Bureau Fine

In May 2023, the Consumer Financial Protection Bureau (CFPB) fined Citizens Bank $9 million for failing to adequately handle credit card disputes.