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Citibank ordered to pay $770 million over credit card practices

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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(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.

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2 Responses

  1. So why doesn’t the CEO go to jail too? Is banking now a game for losers? Break the law, make a lot of money illegally and when caught, pay a fine and keep the ill gotten gains. No banker spent a day in jail for screwing up the financial system in 2008. Dick Fuld is even re-starting the National Stock Exchange instead of going to jail . Lehman crashes the system, and Fuld gets off scott free!!

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    • I agree with your comment. The record of the Obama Administration is terrible. George H.W. Bush sent more bankers to prison during his one term in office than Obama has during his two terms in office.

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