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Citibank Forced to Repay $700Mln to Consumers for Shady Practices

© AP Photo / Matt RourkeThe US financial giant Citibank engaged in deceptive and illegal marketing and billing practices targeting nearly seven million consumers for at least a decade, the US Consumer Financial Protection Bureau announced on Tuesday.
The US financial giant Citibank engaged in deceptive and illegal marketing and billing practices targeting nearly seven million consumers for at least a decade, the US Consumer Financial Protection Bureau announced on Tuesday. - Sputnik International
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The US financial giant Citibank engaged in deceptive and illegal marketing and billing practices targeting nearly seven million consumers for at least a decade, the US Consumer Financial Protection Bureau announced on Tuesday.

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.”

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Citibank peddled a number products and service to customers that failed to perform their stated function and misled consumers regarding costs, CFPB said.

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.

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