OCC Fines Citibank $25M for Fair Housing Violations
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OCC Fines Citibank $25M for Fair Housing Violations

March 20, 2019
The Office of the Comptroller of the Currency (OCC) has levied a $25 million civil money penalty against Citibank N.A., charging the lender with violating the Fair Housing Act
The Office of the Comptroller of the Currency (OCC) has levied a $25 million civil money penalty against Citibank N.A., charging the lender with violating the Fair Housing Act.
 
According to the OCC, Citibank had “certain control weaknesses related to its Relationship Loan Pricing (RLP) program designed to provide eligible mortgage loan customers either a credit to closing costs or an interest rate reduction.” As a result of this situation, borrowers who were denied access to the RLP benefit on the basis of their race, color, national origin or sex.
 
The OCC added that Citibank has mostly completed a plan to reimburse all customers who did not receive the appropriate RLP benefit, which would total approximately 24,000 customers in the amount of approximately $24 million. The OCC’s $25 million civil money penalty will be paid by Citibank into the U.S. Treasury.

 
Compliance