The Consumer Financial Protection Bureau ordered Citibank to pay $25.9 million in fines and client redress for intentional and unlawful discrimination in opposition to credit-card candidates primarily based on their Armenian heritage, the regulator mentioned Wednesday.
“The CFPB found that Citi purposefully discriminated against applicants of Armenian descent, primarily based on the spelling of their last name,” CFPB Director Rohit Chopra mentioned in a press release. “Citi stereotyped Armenians as prone to crime and fraud. In reality, Citi illegally fabricated documents to cover up its discrimination.”
Representatives for Citigroup
C,
Citibank’s mum or dad firm, didn’t instantly reply to a request for remark.
The CFPB mentioned that from 2015 via 2021, Citi “treated Armenian Americans as criminals who were likely to commit fraud” by denying them bank cards primarily based on their names and the place they lived, discriminating in opposition to those that lived in or round Glendale, Calif., an space with a excessive focus of Armenian Americans.
Source web site: www.marketwatch.com
