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News
July 22, 2015

Citigroup Reaches $770 Million Settlement with CFPB

The Consumer Financial Protection Bureau (CFPB) ordered Citigroup to refund consumers $700 million and pay an additional $70 million in fines over allegations regarding credit card “add-ons.”

This settlement is the latest in a slew of multimillion-dollar settlements over credit card “add-ons”, with Bank of America and JP Morgan Chase reaching similar agreements during the past two years.

Under the settlement, Citigroup will pay $700 in refunds to a reported 8.8 million consumers, and $35 million in fines each to the CFPB and the Office of the Comptroller of the Currency.

Read the full story here.

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