At least it's not just European banks being slapped on the wrist by US regulators. Citigroup has been hit with a $70m (£45m) fine and ordered to pay $700m in remediation to customers after a review into how it sold credit card products.
The bank said today it had been penalised by the US Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) over billing and marketing practices related to credit card add-on products, including credit monitoring and debt protection products, alongside wallet protection services. It was also criticised by charging expedited pay-by-phone fees.
However, it added that some of those practices had been administered by third parties.
In a statement today it said it had co-operated fully with the CFPB and OCC, and had taken "extensive steps" to address the issues, discontinuing sales of the products named.