Major US Bank Will Hand Out $1,400,000 for Treating Group of Americans As Criminals, Giving 'Fake Reasons’ To Deny Services: CFPB - The Daily Hodl
The Consumer Financial Protection Bureau (CFPB) says it's ordering financial giant Citibank to shell out over a million dollars to potential customers who were treated like criminals....
- The Consumer Financial Protection Bureau (CFPB) has ordered Citibank to pay over a million dollars to potential customers who were denied services based on their heritage.
- Citi violated the Equal Credit Opportunity Act by discriminating against Armenian Americans between 2015 and 2021 when denying their applications for retail credit cards.
- Citi targeted applicants with surnames associated with Armenian national origin, particularly those ending in "-ian" and "-yan."
- Citi employees received instructions from mid-level managers to recognize applicants of Armenian descent and use various means to reject their applications.
- Employees gave fake reasons for rejecting applications, including blaming the applicant for the denial.
- The CFPB is ordering Citi to pay $1.4 million to credit card applicants who were rejected due to national origin and a $24.5 million penalty.
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What is the Consumer Financial Protection Bureau ordering Citibank to do?Which law did Citibank violate according to the CFPB?Who were the specific group of people targeted by Citibank's discriminatory practices?How did Citibank employees justify rejecting applications from Armenian Americans?What penalties is Citibank facing as a result of their discriminatory practices?