Citibank, N.A.
The Bureau concluded that Citibank violated the Truth in Lending Act by failing to reevaluate and reduce the annual percentage rates (APRs) for approximately 1.75 million consumer credit card accounts consistent with regulatory requirements, and by failing to have reasonable written policies and procedures to conduct the APR reevaluations consistent with regulation.
Under the terms of the consent order, Citibank must correct these practices and pay $335 million in restitution to consumers affected by these practices.
Related documents
Press release
Bureau of Consumer Financial Protection Settles with Citibank, N.A.