Violation Tracker Individual Record
Company:
Citibank N.A.
Current Parent Company:
Citigroup
Penalty:
$733,800,000
Year:
2015
Date:
July 21, 2015
Offense Group:
consumer-protection-related offenses
Primary Offense:
consumer protection violation
Secondary Offense:
credit card violation
Violation Description:
The Consumer Financial Protection Bureau ordered Citibank, N.A. and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by allegedly illegal practices related to credit card add-on products and services. Roughly 7 million consumer accounts were said to be affected by Citibank's deceptive marketing, billing, and administration of debt protection and credit monitoring add-on products. The agency also said a Citibank subsidiary deceptively charged expedited payment fees to nearly 1.8 million consumer accounts during collection calls. Citibank and its subsidiaries will pay $35 million in civil money penalties to the CFPB.
Level of Government:
federal
Action Type:
agency action
Agency:
Consumer Financial Protection Bureau
Civil or Criminal Case:
civil
HQ Country of Parent:
USA
HQ State of Parent:
New York
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
banking & securities
Source Notes:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
