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.
2024-01-31T19:27:00Z By Aaron Nicodemus
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.
2023-11-16T20:54:00Z By Aaron Nicodemus
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.
2023-09-29T14:51:00Z By Kyle Brasseur
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.
2025-09-09T16:51:00Z By Oscar Gonzalez
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.
2025-09-08T14:27:00Z By Adrianne Appel
BNY, Citigroup, Santander, UBS, and two other financial institutions paid a total of $8.3M to settle separate compliance violations with the CFTC.
2025-09-05T18:10:00Z By Aaron Nicodemus
Deutsche Bank has agreed to pay a $3 million fine and has returned $5 million in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.
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