finance

U.S. bank regulator fines Citigroup $25 million for violating fair lending rules


FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

WASHINGTON (Reuters) – The U.S. Office of the Comptroller of the Currency (OCC) said on Tuesday it has fined Citigroup $25 million for violating the Fair Housing Act after it denied some borrowers preferential rates on the basis of their race, color or other factors.

The OCC found that the bank’s program to provide eligible mortgage loan customers either reduced closing costs or an interest rate reduction had control weakness. As a result of these problems, some bank borrowers did not receive the benefit for which they were eligible, the OCC said.

Reporting by Michelle Price



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