The CFPB “ordered Citibank to pay $5 million back to customers and $3 million in penalties over its debt sales and collection practices.” The complaint alleged that Citibank sold “credit-card debt with inflated interest rates” and that they failed to “[forward] consumer payments promptly to debt buyers.” Citibank and two law firms it used for compliance were ordered to “refund $11 million to consumers and forgo collecting about $34 million from about 7,000 consumers.”

• In February 2016, the CFPB “ordered Citibank to pay $5 million back to customers and $3 million in penalties over its debt sales and collection practices.” The complaint alleged that Citibank sold “credit-card debt with inflated interest rates” and that they failed to “[forward] consumer payments promptly to debt buyers.” “It said it also ordered Citibank, part of Citigroup, and two law firms it used to comply with a court order to refund $11 million to consumers and forgo collecting about $34 million from about 7,000 consumers.” [“Consumer confidence drops to lowest level since July”, The Washington Post, 02/23/16]