The Wall Street Journal: Citi to refund customers $335 million after failing to lower interest rates [MarketWatch]
Citigroup, Inc. (C)
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Source: MarketWatch
Citi to refund customers $335 million after failing to lower interest rates Citigroup Inc., C, +0.31% one of the largest U.S. credit-card issuers, said Friday that it failed to lower interest rates for some credit-card customers as required by federal law. The bank said it plans to issue around $335 million in refunds to affected customers, or about $190 on average per affected account. Citi said the issue stemmed from the bank increasing annual percentage rates on cards after customers missed payments as well as other reasons. The Credit Card Accountability Responsibility and Disclosure Act requires card issuers who increase rates to review those accounts every six months. Issuers are then supposed to reduce the rate if the reason for the increase is no longer a problem. That could include, for example, a cardholder establishing a pattern of again paying their bill on time. Citi said the issue affected around 1.75 million U.S. credit-card accounts over a period ranging from 2011 t
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News
- Citigroup Announces $2.0 Billion Redemption of 0.981% Fixed Rate / Floating Rate Notes due 2025 and $500.0 Million Redemption of Floating Rate Notes due 2025Business Wire
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- Citi, JPMorgan See Carry Trade Revival as Fed Hawkisness Spreads [BNN Bloomberg (Canada)]BNN Bloomberg
C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 4/26/24 - Form 424B2
- 4/26/24 - Form 424B2
- 4/26/24 - Form 424B2
- C's page on the SEC website