- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
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.
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.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
