Home Consumer Citi ordered to pay $770 million over credit card practices

Citi ordered to pay $770 million over credit card practices

 By Al Sunshine, Consumer Investigator, Special to SouthFloridaReporter.com, July 23, 2015 – If you have a Citibank Credit card, did the Bank Rip you Off?
Citi’s been ordered to pay some $700 Million Dollars by the Feds for allegedly violating US Credit Card laws and scamming customers. Will you be getting any refunds in the deal?

Citigroup Inc’s consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said.

The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products.

Citi will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency.

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Al Sunshine is a South Florida-based Broadcast and Digital Journalist whose career has spanned more than 40 years at the local and national levels. His award-winning investigations have triggered more than a dozen state and local consumer protection laws and his work’s been cited in Congressional Testimony before the U-S House of Representatives. He is best known for his “Shame On You” features for CBS Miami which sought to expose businesses, agencies and individuals defrauding or deceiving consumers, as well as endangering the safety and welfare of the general public. In 2013 Al retired from CBS Miami to set up his own Digital News Business, “Sunshine News, LLC” and Al continues to blog for the Radio, Television, Digital News Association, sponsors of the prestigious Edward R. Murrow Awards”. An avid environmentalist, Al is one of the founding members of the “Miami Pine Rocklands Coalition”. The Florida Non-Profit is fighting to save and restore the last 2% of Pine Rocklands found only in South Florida and nowhere else in the continental United States. Al was recently elected its President.