trending Market Intelligence /marketintelligence/en/news-insights/trending/Jqpl1o8ECJj6v0p8hjRIFg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Citibank to pay $25M fine for Fair Housing Act violations

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


Citibank to pay $25M fine for Fair Housing Act violations

The Office of the Comptroller of the Currency imposed a $25 million fine on Citibank NA for deficiencies in its relationship loan pricing program which violated the Fair Housing Act.

Under the relationship loan pricing program, customers who applied for eligible mortgages could either receive an interest rate reduction or a credit to closing costs.

The OCC found that in various periods from August 2011 to January 2015, Citibank's program had certain deficiencies, including inadequate training of loan officers on how to offer the program to customers, not requiring officers to document the reason for rejecting customers and failing to require officers to inform customers about all the discount options available.

As a result, customers did not receive the benefits of the relationship loan pricing program and were harmed on the basis of race, color, national origin and/or sex.

Citibank self-reported the violations to the OCC in 2015. The regulatory authority said in 2018 that these incidents were violations of the Fair Housing Act.

Citibank will also pay approximately $24 million in reimbursement to about 24,000 customers. The bank neither admitted nor denied the OCC's findings.