Violation Tracker Individual Record
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.