Citi’s Response: “We Went Too Far”
Citibank has acknowledged wrongdoing, but denied intent to discriminate, saying the actions stemmed from efforts to combat organized fraud linked to Armenian criminal networks operating in parts of California.
“Regrettably, in trying to thwart a well-documented Armenian fraud ring, a few employees took impermissible actions,” a Citi spokesperson said at the time. “While we prioritize protecting our customers from fraud, it is unacceptable to base credit decisions on national origin.”
Citi added that it had apologized to applicants who were evaluated unfairly and committed to strengthening anti-discrimination protocols across its operations.
A Quiet Ending to a Controversial Case
With the CFPB Citi Armenian Discrimination suit now formally closed, Citi walks away having paid its penalty and tightened its procedures — while the CFPB itself faces an uncertain future under political pressure.
In the courtroom and in Washington, it seems both the regulator and the regulated are learning the same hard lesson: accountability, like justice, can be both costly and fleeting.
