Take action against Citibank: Citibank Cuts $4.2M Deal Over Card Interest Overcharges

From Law360:

Law360 (February 8, 2021, 6:25 PM EST) — Citibank NA will pay $4.2 million to resolve allegations that the financial giant overcharged credit card interest for about 25,000 consumers in Iowa, Massachusetts, New Jersey, North Carolina and Pennsylvania, attorneys general for those states announced Monday.The refunds stem from a multistate investigation that revealed Citibank failed to comply with federal and state laws requiring the periodic review and, in some cases, reduction of annual percentage rates for customers who had been subject to increased rates, the attorneys general said.Citibank self-identified issues with its APR reevaluation process through an internal compliance program, but denies violating the states’ consumer protection…

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