WASHINGTON — A tip from a whistle-blower led regulators to crack down on Citizens Financial Group for ignoring discrepancies between customer deposit slips and the amount actually placed into the bank — and similar actions against other banks could be on their way.

Regulators on Wednesday charged Citizens' two subsidiaries with $34.5 million in fines and restitution, alleging that they engaged in "unfair and deceptive" practices by not investigating deposit discrepancies and effectively pocketing the difference.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.