SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company has evaluated the impacts of events that have occurred subsequent to March 31, 2016 through the date the Consolidated Financial Statements were filed with the SEC. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the Consolidated Financial Statements and related Notes, except as follows:

On April 5, 2016, CFG submitted its 2016 Capital Plan and the results of our company-run stress tests under a new annual submission timeline established by the Federal Reserve. We expect that on or before June 30, 2016, we will receive quantitative results of the Federal Reserve’s supervisory stress tests and their qualitative assessment of our capital planning policy and process, as well as the Federal Reserve’s object/non-object decisions regarding target capital actions for the quarterly periods September 30, 2016 through June 30, 2017.

On April 7, 2016, the Company completed a $348 million purchase of student loans under the agreement entered into on January 7, 2016, wherein the Company agreed to purchase student loans on a quarterly basis beginning with the first calendar quarter in 2016 and ending with the fourth calendar quarter in 2016.

On April 21, 2016, the Company announced a quarterly common stock dividend of $0.12 per share, or $64 million, payable on May 18, 2016 to stockholders of record at the close of business on May 4, 2016.