Arab Today, arab today citigroup to pay 770m for credit card abuses
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Citigroup to pay $770m for credit card abuses

Arab Today, arab today

Arab Today, arab today Citigroup to pay $770m for credit card abuses

Citigroup
New York - AFP

Citigroup must pay $700 million to customers and another $70 million in federal fines for misleading consumers on credit card add-on products, US regulators announced Tuesday.

The $700 million is intended to compensate nearly nine million account holders who were victims of dishonest marketing by Citigroup and affiliates when they ordered fraud alerts, credit monitoring and other services with their credit cards.

"We continue to uncover illegal credit card add-on practices that are costing unknowing consumers millions of dollars," said Richard Cordray, director of the Consumer Financial Protection Bureau.

"In our four years, this is the tenth action we've taken against companies in this space for deceiving consumers. We will remain on the lookout for similar conduct and will address it as we find it."

In some cases, telemarketers took orders for add-on products without informing the consumer of the cost, or by promising "free" 30-day trials that were actually billed, the CFPB said.

In other instances, Citigroup charged consumers for benefits they did not receive, or misrepresented the nature of fees.

In addition to the compensation for consumers, the fourth-largest US bank by assets must pay $35 million each in fines to the CFPB and the Office of the Comptroller of the Currency.

The Citigroup penalties follow fines imposed by the CFPB on JPMorgan Chase, Bank of America and others for illegal practices in credit card add-on programs.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup to pay 770m for credit card abuses Arab Today, arab today citigroup to pay 770m for credit card abuses

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup to pay 770m for credit card abuses Arab Today, arab today citigroup to pay 770m for credit card abuses

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday