Citibank has agreed to issue $335 million in refunds to an estimated 1.75 million credit card customers who were overcharged on their interest rates.
The Consumer Financial Protection Bureau (CFPB) recently announced a settlement with the Sioux Falls, S.D.-based bank. Four months ago, Citigroup publicly disclosed it was preparing to issue $330 million in refunds after the bank discovered it had overcharged some consumers.
Keep reading for details on the consent order, which also requires the bank to correct Truth in Lending Act (TILA) violations.
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