CFPB: Citigroup Companies to Pay $28.8 Million in Fines & Restitution

iStock

CFPB: Citigroup Companies to Pay $28.8 Million in Fines & Restitution

Feb, 3rd 2017

WASHINGTON Citigroup Inc (C.N) mortgage units have been fined $28.8 million for keeping home borrowers in the dark about options to avoid foreclosure and making it difficult for them to apply for relief, the U.S. consumer finance watchdog said on Monday.

CitiMortgage will pay an estimated $17 million to compensate wronged consumers, as well as a civil penalty of $3 million, the Consumer Financial Protection Bureau said. CitiFinancial Services will refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million.

The CFPB said the subsidiaries neither admitted nor denied the findings in the consent orders.

"“We are pleased to resolve these matters," said Mark Rodgers, director of Citi public affairs.

In the first hour after the penalties were announced, Citi shares dropped to $55.52 from $55.77....

Read More

Join Us. We are waiting for you!

Sign Up Today!

We welcome you to our community where you can gather and share information on debts and issues which may have your life unsettled. Together we thrive!


Logo mobile 4b2fda9e088d7249be95ede0cc3adea2de299a346ba55b450264e0c976b239c5

Join our community Today! IT'S FREE

Our Interactive Knowledge Base Has All The Infomation You Need To Settle Your Debt & Settle Your Life™

SIGN UP NOW!

Join, Resolve & Share!