The Consumer Financial Protection Bureau (CFPB) has officially dropped its high-profile case against Citibank NA, ending a year-long legal battle over allegations that the banking giant systematically discriminated against credit card applicants with Armenian-sounding last names.
The decision, filed Thursday, terminates the 2023 consent order that accused Citi of unfairly flagging, denying, or delaying retail-branded credit card applications from individuals whose surnames ended in “ian” or “yan”, a hallmark of Armenian heritage — particularly those living near Glendale, California, home to one of the largest Armenian communities outside of Armenia.
A $24.5 Million Reckoning and Compliance Met
Acting CFPB Director Russell Vought said in the order that Citi “has fulfilled certain obligations” under the consent order, including paying a $24.5 million civil penalty, compensating affected individuals, and strengthening its compliance systems to prevent future violations of the Consumer Financial Protection Act.
“The bureau hereby terminates this consent order,” Vought stated, adding that the CFPB waives any alleged noncompliance under the agreement.
Neither Citi nor the CFPB immediately responded to requests for comment late Thursday.
