In May it pleaded guilty to a felony count of rigging foreign currency trading and was put on a three year probation.
In July it reached a settlement with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau (CFPB) over charges of bilking its credit card customers. The bank was ordered to return $700 million to 8.8 million customers and pay a penalty of $35 million. It was learned that Citi is also under another criminal money laundering probe by the Justice Department for its Mexican-based Banamex unit.
In August it settled allegations of money laundering with the Federal Deposit Insurance Corporation and the Commissioner of the California Department of Business Oversight involving its Banamex USA unit. The bank paid a penalty of $140 million and avoided an admission of guilt. CFPB was opening a new investigation into Citigroup’s abuse of student loans held by struggling college students.
What will September bring?
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