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.
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.
Citi will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency.
The settlement is the CFPB's tenth such case, Director Richard Cordray said in a statement on Tuesday.
Full story: http://www.reuters.com/article/2015/07/21/us-usa-banks-creditcard-idUSKCN0PV1PJ20150721
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.
Citi will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency.
The settlement is the CFPB's tenth such case, Director Richard Cordray said in a statement on Tuesday.
Full story: http://www.reuters.com/article/2015/07/21/us-usa-banks-creditcard-idUSKCN0PV1PJ20150721
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