Citibank Ordered to Provide For Debt Collection Practices

The CFPB announced two separate actions against Citibank for illegal debt sales and debt collection practices. The combined fiscal impact from refunds and fines total $53 million and are related to selling credit card debt with inflated interest rates, failing to forward consumer payments promptly to debt buyers and falsification of court documents filed in debt collection cases in New Jersey state courts. [2/24/16]