tldrdaily.news logo
Tag

Armenian Americans

All articles tagged with #armenian americans

discrimination2 years ago

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.

via CNN|
#armenian-americans#citibank#consumer-financial-protection-bureau
discrimination2 years ago

Citigroup Ordered to Pay $25.9 Million for Discriminating Against Armenian-Americans

Citigroup has agreed to pay $25.9 million to settle claims that its employees discriminated against Armenian Americans living near Los Angeles by denying them fair access to the bank's credit card products. The Consumer Financial Protection Bureau found that Citigroup employees labeled the community as "bad guys" and engaged in discriminatory practices from 2015 to 2021. The bank's misconduct included fabricating documents to cover up the discrimination. Of the settlement amount, $1.4 million will go to the victims, while $24.5 million is a penalty for the bank's actions. Citigroup has apologized and implemented measures to prevent recurrence.

via The New York Times|
#armenian-americans#citigroup#consumer-financial-protection-bureau
business2 years ago

Citigroup Fined $25.9 Million for Discriminating Against Armenian Americans

The Consumer Financial Protection Bureau (CFPB) has ordered Citibank to pay $25.9 million in fines and consumer redress for intentionally and illegally discriminating against credit card applicants of Armenian descent. From 2015 to 2021, Citibank singled out applicants with Armenian surnames, denying them credit and providing false reasons for denial. The bank's supervisors conspired to hide the discrimination by instructing employees not to discuss it in writing or on recorded phone lines. Citibank will pay $1.4 million to affected consumers and a $24.5 million penalty. The CFPB found that Citibank stereotyped Armenians as prone to crime and fraud and illegally fabricated documents to cover up its discrimination.

via Consumer Financial Protection Bureau|
#armenian-americans#business#cfpb