WASHINGTON (Sputnik) — The US Consumer Financial Protection Bureau said in a statement:
“The Consumer Financial Protection Bureau (CFPB) has ordered Citibank and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by illegal practices related to credit card add-on products and services.”
The CFPB explained that roughly seven million consumer accounts were affected by Citibank’s “deceptive marketing, billing, and administration of debt protection and credit monitoring add-on products.”
Citibank also charged customers numerous fees without transparency or providing services., CFPB added.
As a result of the violations, Citibank was additionally ordered to pay $35 million in fines.
Citibank received a massive US taxpayer funded government bailout during the 2008 financial crisis while executive salaries at the bank continue to rise.
