The Consumer Financial Protection Bureau last week ordered Citibank and its subsidiaries to pay about $700 million in relief to eligible consumers and a $35 million civil penalty for, in essence, scamming consumers into paying for unwanted credit card add-on products and services. This is the 10th action the bureau has undertaken against banks for deceiving consumers in its four years of existence.
The CFPB’s consent order names Citibank, Department Stores National Bank, and Citicorp Credit Services as the defendants.
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Citibank Dinged $700M for Scamming Credit Card Customers
Posted by: Richard Adhikari July 27, 2015 05:00 AMThe Consumer Financial Protection Bureau last week ordered Citibank and its subsidiaries to pay about $700 million in relief to eligible consumers and a $35 million civil penalty for, in essence, scamming consumers into paying for unwanted credit card add-on products and services. This is the 10th action the bureau has undertaken against banks for deceiving consumers in its four years of existence.
The CFPB’s consent order names Citibank, Department Stores National Bank, and Citicorp Credit Services as the defendants.