Citigroup Ordered To Pay $770M Over Credit Card Scams

Citigroup Ordered To Pay $770M Over Credit Card Scams

Citigroup Inc's 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.br br The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products.br br Citi will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency.br br The settlement is the CFPB's tenth such case, Director Richard Cordray said in a statement on Tuesday.


User: Mike Malloy Show

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Uploaded: 2019-05-07

Duration: 03:28

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