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Citi Avoids CFPB Fine for Overcharging Cardholders $335 Million

Jesse Hamilton, Jennifer Surane
Citi Avoids CFPB Fine for Overcharging Cardholders $335 Million

Citigroup Inc. got a break from the Consumer Financial Protection Bureau, avoiding a fine after failing to adjust rates for cardholders and costing them more than $335 million. The agency, which is being reshaped under President Donald Trump, announced the decision Friday. The deal contrasts with the $1 billion in penalties the CFPB and Office of the Comptroller of the Currency imposed on Wells Fargo & Co. in April for allegedly forcing unwanted insurance on customers who took out car loans and imposing inappropriate charges to lock in mortgage rates.