Richard Cordray

BUDAPEST, HUNGARY - JANUARY 15, 2014: Citibank in Budapest Hungary. Citibank is banking division of financial services multinational Citigroup founded in in 1812 as the City Bank of New York.

CFPB Fines Citibank for Debt Collection and Sales Practices

On Tuesday, the Consumer Financial Protection Bureau (CFPB) ordered Citibank to provide $5 million in consumer debt relief and pay a $3 million penalty for failing to forward consumer payments to debt buyers and for selling credit card debt with inflated interest rates. In a second action, Citibank and two debt collection law firms were