NYC-based Citibank Ordered to Pay $25.9 Million for Intentional, Illegal Discrimination Against Armenian Americans by Giving Consumers False Reasons for Credit Denials ( www.consumerfinance.gov )

Citibank, N.A., a national bank with headquarters in New York City that issues consumer credit cards, including retail services credit cards for companies like Home Depot and Best Buy, will pay $1.4 million to harmed consumers along with a $24.5 million penalty, the Consumer Financial Protection Bureau (CFPB) says in a statement.

"The CFPB found that Citi purposefully discriminated against applicants of Armenian descent, primarily based on the spelling of their last name,” said CFPB Director Rohit Chopra. "Citi stereotyped Armenians as prone to crime and fraud. In reality, Citi illegally fabricated documents to cover up its discrimination.”

Citi’s parent company is Citigroup (NYSE: C), a global financial services holding company. As of June 30, 2023, Citi had $1.7 trillion in total assets – making it the third-largest bank by asset size in the United States.