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.