Citi Fined $25.9M for Discriminating Against Armenian Americans, US Regulator Alleges

Citibank has been accused by the Consumer Financial Protection Bureau (CFPB) of illegally discriminating against Armenian Americans by singling them out on credit card applications based on their surnames. The CFPB found that Citi targeted applicants with last names ending in "-ian" and "-yan" as well as applicants in and around Glendale, California, home to a large Armenian American population. The bank allegedly applied more stringent criteria to these applicants, including denying them outright and falsifying documents to conceal the discrimination. As a result, Citi has been ordered to pay $25.9 million in fines and consumer redress. Citi has apologized and taken actions to prevent such discrimination in the future.