![]() ![]() The suit alleges far greater harm than is detailed in the CFPB’s order. 17 in Los Angeles federal court on behalf of victims of Citibank’s discriminatory practices. Now, Smbatian is a lead plaintiff in a proposed class-action lawsuit filed Nov. The bank agreed to set aside $1.4 million for victims of the discrimination, but the vast share of the penalty is going into a pool that compensates all consumers harmed by violations of federal consumer financial protection laws. The agency alleged that a unit responsible for issuing store-branded credit cards from Home Depot, Best Buy and other retailers had discriminated against applicants whose surnames ended with “ian” or “yan,” and particularly those who lived in and near Glendale. 7 with the Consumer Financial Protection Bureau, agreeing to pay $25.9 million to cover alleged violations of fair lending laws from at least 2015 to 2021. ![]() Smbatian and others whose accounts were closed suspected discrimination was at play - and say they were proved correct when Citibank signed a consent order Nov. “I was so stressed out, I literally started crying.” This was so depressing,” said Smbatian, 42, a mother of five who said she was still shaken by the events. What ensued was chaos, as Smbatian scrambled to get her money back, open new accounts elsewhere and save her businesses. 1 of last year, she got a letter from Citibank informing her that all of her accounts and cards were being closed - without any reason provided. When Mary Smbatian started hearing rumors a few years ago that Citibank was closing the accounts of Armenian Americans in the San Fernando Valley, she thought it impossible the giant Wall Street bank would ever shutter hers.Ī residential loan broker who also runs an apartment management business, the Encino resident had been a Citibank client for more than a decade, with both company and personal accounts, as well as credit cards issued through the bank. ![]()
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