U.S. orders Citibank to pay customers over debt and collections practices

February 23, 2016 7:53 PM

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U.S. orders Citibank to pay customers over debt and collections practices

WASHINGTON The Consumer Financial Protection Bureau said on Tuesday it ordered Citibank to pay $5 million back to customers and $3 million in penalties over its debt sales and collection practices.

In a statement, the agency said it took action against the financial services company for selling credit card debt with inflated interest rates and for not forwarding consumer payments promptly to debt buyers.

Also read: EU fines 3 banks $520 million over market rigging

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