Citibank has been accused of engaging in illegal discrimination against Armenian Americans. This appalling practice, which went on for several years, involved selecting people based on their last names during the credit card application process. The Consumer Financial Protection Bureau (CFPB) revealed the shocking details on Wednesday.
According to the CFPB, from at least 2015 to 2021, Citi deliberately targeted retail credit card applicants who were associated with Armenian national origin. The bank’s actions were deeply discriminatory, treating Armenian Americans as criminals who could commit fraud.
Citi applied stricter criteria to suspicious requests from Armenian Americans, resulting in outright denials, account freezes and requests for additional information. The bank went to great lengths to hide its discriminatory practices by providing false reasons for credit denials, adding further insult to injury.
In response to this egregious behavior, the CFPB has ordered Citibank to pay a substantial penalty of $25.9 million in fines and consumer reparations. The bank has acknowledged wrongdoing, expressing regret and saying that a few employees acted impermissibly while trying to combat an Armenian fraud ring in certain parts of California.
Citibank spokeswoman Karen Kearns emphasized the bank’s commitment to protecting against fraud, but acknowledged that basing credit decisions on national origin is unacceptable. The bank has taken internal action against those involved and implemented measures to prevent this discrimination from happening again.
This incident serves as a stark reminder of the importance of fairness and equal treatment in financial services. We must remain vigilant to safeguard the rights of all people and to ensure that discriminatory practices are eradicated from our society.
the mail Citibank accused of discriminating against Armenian Americans in credit card applications appeared first NewsGPT.ai.
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