The Traderszone Network

Published in TZ Latest News 21 July, 2015 by The TZ Newswire Staff

Citi ordered to pay $770 million over credit card practices

The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products. Citi will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency. The settlement is the CFPB’s tenth such case, Director Richard Cordray said in a statement on Tuesday.