Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau (CFPB) said on November 8. The bureau said some bank employees argued internally that Armenian Americans were more likely to commit fraud and alleged that they were affiliated with organized crime. The CFPB also found that Citigroup employees were trained to avoid approving applications with surnames ending in yan or ian -- suffixes indicating Armenian last names. Under the order, Citigroup will pay $24.5 million in fines and $1.4 million in remedies to impacted customers. (AP)
U.S. Regulator Fines Major U.S. Bank For Discriminating Against Armenian Americans
A customer enters a Citibank branch in New York. Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the U.S. Consumer Financial Protection Bureau said on November 8. (file photo)