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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.