Board of Governors of the Federal Reserve System

October 5, 2021 VIA EMAIL Mitchell S. Eitel, Esq. Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004-2498 Dear Mr. Eitel: This

VIA EMAIL This correspondence relates to the application filed on behalf of Citizens Financial Group, Inc., Providence, Rhode Island (“CFG”),

and that the expansion in business fixed invest ment would be somewhat...compared with an interim high of 7.82 per cent on November 23 and with

key role in providing access to credit in communities of all sizes--big

and, in the case of companies designated by the FSOC as systemically important...the “MEs”) and Core Business Lines (the “CBLs”) of Discover can be reorganized

for example, Aghion and Tirole (1994), Hart and Moore (1994)). In fact...comparing the differential (within-firm) response of cash holdings in

best- preserved paper copies, scanning those copies,1 and then making ...the bank credit proxy) rose at about a 15.5 per cent annual rate in January

premium—the additional pay a manufacturing worker earns relative to a ...premium—the additional pay a manufacturing worker earns relative to a

prices been, as best you can judge, essentially a reaction to the increased...prices have been falling in the face of rapidly rising corn and soybean

and, coupled with robust underlying growth in productivity, is providing...price stability for the next few quarters are roughly equal. With underlying