Citibank ordered to pay $770 million over credit card practices

(Reuters) – Citigroup Inc’s (>> Citigroup Inc) consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said.

The bank will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency.

The $770 million total payout is about 1 percent of Citi’s estimated revenue for 2015, according to Thomson Reuters StarMine.

Read on.

One response to “Citibank ordered to pay $770 million over credit card practices

  1. Reblogged this on California Freelance Paralegal and commented:
    Citibank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices and will also have to pay $35 million each in civil penalties to the U.S. Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.

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