WASHINGTON - The Consumer Financial Protection Bureau (CFPB) this week assessed more than $25 million in redress and penalties against Citibank, N.A., the third-largest bank in the U.S., for illegal discrimination. The CFPB found that Citi, with assets of more than $1.7 trillion as of June 2023, purposefully discriminated against credit card applicants of Armenian descent, primarily based on the spelling of their last name, and fabricated documents to cover up its discrimination.
Mike Calhoun, president of the Center for Responsible Lending, issued the following statement:
CFPB plays a critical role in rooting out institutional discrimination,” said Mike Calhoun, president of the Center for Responsible Lending. “The agency must have secure funding so it can continue as the strong, effective regulator we need to create an inclusive financial marketplace that expands access to responsible credit and capital.
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