The U.S. Office of the Comptroller of the Currency (OCC) said on Tuesday it has fined Citigroup US$25 million for violating the Fair Housing Act ...
WASHINGTON: The U.S. Office of the Comptroller of the Currency said on Tuesday it had fined Citigroup US$25 million for violating the Fair Housing Act by denying some borrowers preferential rates on the basis of their race, color or other factors.
In 2012, Citi implemented a program that provided reduced pricing for mortgage borrowers that kept certain levels of assets with the bank, typically referred to as relationship pricing. The bank later identified some errors with the program which resulted in some mortgage customers failing to receive the benefit for which they were eligible, the OCC said.The errors affected borrowers across gender, race and ethnicity, in violation of the Fair Housing Act, the OCC found.
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