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Home » Store » Taxable » Citi Agrees to Pay $215 Million to Settle Credit Insurance Charges

Citi Agrees to Pay $215 Million to Settle Credit Insurance Charges

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Citigroup has agreed to pay $215 million to put to rest charges that its Associates First Capital unit duped borrowers into buying high-cost credit insurance products. “The Commission will not tolerate the fleecing of subprime borrowers through deceptive lending practices such as the packing of unwanted credit insurance on consumers’ loans,” said Federal Trade Commission Chairman Timothy Muris at a briefing on the settlement.
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