CFPB: Citi to pay $26M over Armenian American discrimination
By 
Kyle Brasseur2023-11-08T22:05:00
Citi agreed to pay $25.9 million in fines and redress as part of a settlement with the Consumer Financial Protection Bureau (CFPB) addressing allegations the bank discriminated against credit card applicants identified as Armenian American.
The CFPB ordered the bank to pay a $24.5 million fine and provide an additional $1.4 million to affected customers over a six-year span, the agency announced in a press release Wednesday. The CFPB cited the bank for violating the Equal Credit Opportunity Act (ECOA).
Citi described its actions as an attempt to thwart an Armenian fraud ring gone wrong. The bank apologized to individuals wrongly evaluated.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefN.Y. sues Citi for lax data security, failing to reimburse fraud victims
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
-
News BriefCFPB fines Enova $15M, orders exec compensation tied to compliance
The Consumer Financial Protection Bureau levied a $15 million fine against nonbank online lender Enova International for “widespread illegal conduct” that violated a previous agency order.
-
News BriefCiti affiliates fined $2M in SEC Reg BI case
Citigroup Global Markets and Citi International Financial Services agreed to pay a total of nearly $2 million as part of a settlement with the Securities and Exchange Commission resolving allegations they violated the disclosure obligations of Regulation Best Interest.
More from Regulatory Enforcement
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
-
News BriefDOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
-
News BriefEU regulator questions 'culture of compliance' with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.