CFPB orders Citi to pay $25.9 million for intentional, illegal discrimination against Armenian Americans

The Consumer Financial Protection Bureau (CFPB) has ordered Citi to pay $25.9 million in fines and consumer redress for intentionally and illegally discriminating against credit card applicants the bank identified as Armenian American. From 2015 through 2021, Citi singled out for discrimination applicants for certain credit card products, based on their surnames, whom it suspected of being of Armenian descent. Citi supervisors conspired to hide the discrimination by instructing employees not to discuss the discriminatory practices in writing or on recorded phone lines. Citi employees also lied about the basis of denial, providing false reasons to denied applicants. Under the CFPB order, Citi will pay $1.4 million to harmed consumers along with a $24.5 million penalty. Read the CFPB press release here.