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Citibank to pay $335 in restitution for Reg Z credit card violations

Sioux Falls, SD
06/29/2018
Fine Amount: 
$335 restitution
Penalty Type: 
Issued by: 

The Bureau of Consumer Financial Protection has announced that it has issued a consent order of restitution to Citibank, N.A., for violating 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.

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