Citibank, N.A., has entered into a settlement with the Consumer Financial Protection Board, under which the company will pay $335 million in restitution to affected customers, the CFPB said June 29.
The CFPB said Citibank “failed to reevaluate and reduce the annual percentage rates for consumer credit card accounts.”
Citibank violated the truth in lending act by failing to reevaluate and reduce rates for about 1.75 million consumer credit card accounts, the agency said.
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