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Violation Tracker Individual Record

Company: Citibank N.A.
Current Parent Company: Citigroup
Penalty: $6,000,000
Year: 2017
Date: November 21, 2017
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The Consumer Financial Protection Bureau took action against Citibank, N.A. for misleading borrowers into believing that they were not eligible for a valuable tax deduction on interest paid on certain student loans. The agency also alleged that the company incorrectly charged late fees and added interest to the student loan balances of borrowers who were still in school and eligible to defer their loan payments -- and that it misled consumers about how much they had to pay in their monthly bills and failed to disclose required information after denying borrowers' requests to release loan cosigners. The Bureau ordered Citibank to end these practices and to pay $3.75 million in redress to consumers and a $2.75 million civil money penalty.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.