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Citigroup discriminated against Armenian-Americans, federal regulator says; bank fined $25.9 million

Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday, as some bank employees argued internally that Armenians were more likely to commit fraud and referred to applicants as “bad guys” or affiliated with organized crime. The CFPB found that Citi employees were trained to avoid approving applications with last names ending in “yan” or "ian" — the most common suffix to Armenian last names — as well applications that originated in Glendale, California, where roughly 15% of the country's Armenian American population lives.

California , United-states , Armenia , New-york , Armenians , Americans , Armenian , American , Rohit-chopra , Consumer-financial-protection-bureau , Citigroup , Armenian-americans

Citi fined $25.9M for discriminating against Armenian Americans after government probe

The CFPB said that from 2015 to 2021, Citi “treated Armenian Americans as criminals who were likely to commit fraud.”

California , United-states , Armenia , Americans , Armenian , Citigroup , California-armenian-mafia , Consumer-financial-protection-bureau , Iti , Ohit-chopra , Fpb

Advocates accuse federal agencies of dragging feet on economic help for service members

Groups that advocate for America’s troops say federal agencies are falling short on helping to offset economic struggles facing service members and their families as they battle inflation and other challenges such as unemployment among military spouses. Military spouse unemployment rates have been “persistently high” in the past decade despite efforts from the Department of…

United-states , America , Sherrod-brownd-ohio , Kelly-hruska , Cory-titus , Bob-menendez , Consumer-financial-protection-bureau , National-military-family-association , Association-of-military-banks-america , Officers-association-of-america , Labor-department , Department-of-defense

Biden-Harris Administration, CFPB, And FTC Take New Steps To Eliminate

On October 11, the Biden-Harris administration, through the Bureau of Consumer Financial Protection (CFPB) and Federal Trade Commission (FTC), announced new actions aimed at cracking down...

White-house , District-of-columbia , United-states , California , New-york , Financial-services , Arnold-porter , Good-or-service , Commission-act , Bureau-of-consumer-financial-protection , Consumer-financial-protection

More Americans face 'persistent debt' as interest rates and fees rise: New study

American cardholders paid a record $130 billion in interest and fees in 2022, according to a new CFPB report.

United-states , Americans , Visa , Mastercard , Credit-card-debt , Redit-scores , Nterest-rates , Fpb , Ohit-chopra , Onsumer-financial-protection-bureau , Redit-card

The Skanner News - Federal Agencies Issue $23 Million Fine Against TransUnion and Subsidiary

FTC and CFPB say actions harmed renters and violated fair credit laws

United-states , Americans , Rohit-chopra , Eric-halperin , Charlene-crowell , Samuel-levine , Trans-union , Equifax , Bureau-of-consumer-protection , Transunion , Consumer-financial-protection-bureau , Federal-agencies-issue

US consumer watchdog proposes new financial data sharing rules in competition boost

(Reuters) -U.S. consumers would be able to more easily transfer their data between financial services providers under a long-awaited Consumer Financial Protection Bureau (CFPB) proposal unveiled on Thursday that would boost competition between financial technology firms. The so-called open banking draft rule, which officials say they hope to finalize in 2024, would supercharge competition by giving customers "the power to walk away from bad service" and more easily switch providers, CFPB Director Rohit Chopra said in a statement. Currently, consumers face varying conditions for accessing their own financial data depending on lenders' policies, and a lack of industry norms that harms customers, according to the CFPB.

United-kingdom , United-states , Britain , Americans , Chizu-nomiyama , Douglas-gillison , Joe-biden , Consumer-financial-protection-bureau , White-house-national-economic-council , Reuters , Dodd-frank-wall-street , White-house

The power to walk away: CFPB moves to give consumers control over financial data

The proposed rule would bar financial firms from “hoarding” a consumer’s data.

Lindsey-johnson , Lael-brainard , White-house-national-economic-council , Financial-technology-association , Financial-data-exchange , Consumer-bankers-association , Consumer-financial-protection-bureau-on , Consumer-financial-protection-bureau , Fair-credit-reporting-act , Financial-data , Penny-lee , Financial-institutions

Rohit Chopra on new mortgage servicing rules, Basel III and the CFPB's funding

CFPB Director Rohit Chopra discusses upcoming mortgage servicing rulemaking, the agency's funding structure, whether there's a microscope on the mortgage industry & more.

Philadelphia , Pennsylvania , United-states , Bob-brokesmit , Rohit-chopra , Silicon-valley-bank , Signature-bank , Federal-reserve , Office-of-the-comptroller , Mortgage-bankers-association , Insurance-corporation , Consumer-financial-protection-bureau

Biden Admin to Unveil Federal 'Junk Fee' Bans for Business, Banking Sectors

The White House and two major consumer-protection agencies will announce new measures to reduce tens of billions of dollars in "junk fees."

United-states , White-house , District-of-columbia , Americans , American , America , Lael-brainard , Rohit-chopra , Lina-khan , Joe-biden , Council-of-economic-advisers , Regulatory-affairs