Citi CEO Apologizes For Bank's Discrimination Against Armenian Americans

Citi is 'deeply sorry' for its unfair lending practices concerning Armenian Americans, CEO tells Senate panel.

Section of building with Citi logo.
(Image credit: Getty Images)

Citi is "deeply sorry" for its discrimination against Armenian Americans, CEO Jane Fraser said today, December 6, during testimony before a Senate Banking Committee hearing.

On November 8, the Consumer Financial Protection Bureau (CFPB) fined Citi $25.9 million for targeting Armenian Americans who applied for certain credit cards from 2015 through 2021. The bank agreed to pay $1.4 million of the fine to the victims of the discrimination to settle the case and the remaining $24.5 million to CFPB’s victims relief fund and to stop the discrimination, taking measures to ensure compliance going forward.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration. 

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