NEW YORK (AP) — Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday.
The bureau said some bank employees argued internally that Armenian Americans were more likely to commit fraud and referred to applicants as “bad guys” or as affiliated with organized crime.
As part of the order, Citi will pay $24.5 million in fines as well as $1.4 million in remedies to impacted customers.
However, in the bureau's order, these Citi employees used identifiable information that broadly discriminated against Armenian Americans in general.
The bank has been fined or cited several times by the CFPB, as well as by the Federal Reserve, for unsound business practices.
Persons:
—, “, ”, Rohit Chopra, Jane Fraser, Fraser, ” Chopra
Organizations:
— Citigroup, Consumer Financial, Citi, Armenian, ”, “ Citi, Home, American Airlines, Federal Reserve
Locations:
Glendale , California, Southern California, New York, California