Under the order, Citi will pay $1.4 million to harmed consumers along with a $24.5 million penalty.
“Citi purposefully discriminated against applicants of Armenian descent, primarily based on the spelling of their last name,” CFPB Director Rohit Chopra said in a statement Wednesday. “Citi stereotyped Armenians as prone to crime and fraud. In reality, Citi illegally fabricated documents to cover up its discrimination.”
The CFPB said the misconduct was limited to the bank’s retail-services division, which provides co-branded credit cards for companies like Home Depot, Macy’s and Best Buy.
