The Federal Government Orders Citibank to Pay $700 Million to Customers
When the instances of overcharging and the use of “deceptive marketing” techniques to exploit customers are increasing in numbers, the decision by the federal government to order Citibank to pay $700 million to customers is exemplary. The official website of the CFPB says that 8.8 million customers will be compensated in the payout, which includes 7 million people overcharged directly by Citibank and another 1.8 million customers of the bank’s subsidiaries. The action was taken by the CFPB in coordination with the Office of the Comptroller of the Currency, which is separately ordering a....
Related News
The recent Citibank issue goes to show how bad things can get when relying on centralized services. Bank accounts are very convenient, as long as customers can access their funds at any given time. Citibank users will have experienced some issues in this regard. Customers in several US states were unable to access their accounts on Friday, due to a “technical issue.” Putting one’s trust in a bank or another financial institution is quite a challenge these days. After all, these are the same companies who caused the financial crisis we are dealing with to date. For most consumers, however,....
The Federal Bureau of Investigation (FBI), in collaboration with Citibank, Sony, and Japanese law enforcement, has taken action to “return more than $154 million in funds that were allegedly stolen from a subsidiary of Tokyo-based Sony Group Corporation.” The U.S. Department of Justice detailed: “As a result of this coordinated effort, investigators obtained the ‘private key’ … needed to access the bitcoin address.”
Citibank and Sony Help FBI Seize Bitcoin Worth $180 Million
The U.S. Department of Justice (DOJ) announced this week....
A new report reveals that ButterflyLabs customers have submitted 283 complaints against the company - worth more than $1m in combined refunds and late orders - to the US Federal Trade Commission (FTC) since 2012. According to documents revealed by Ars Technica, the complaints against the Kansas-based ASIC miner manufacturer are for orders totalling $1,016,243 across a period of about 17 months (see the report data here). The first complaint was filed in September 2012, with the most recent complaint having been submitted on 15th April of this year. Notably, one entry made a claim for $30m....
Citibank has recently announced its decision to terminate the accounts belonging to the Central Bank of Venezuela, leaving the nation with no means of conducting foreign transactions. Venezuela is staring at a far worse economic crisis in the coming days, as US-based banking major Citibank intends to close a number of accounts belonging to the Central Bank of Venezuela and other government arms. If the bank indeed closes these Venezuelan accounts, the country will be left without any means to conduct foreign transactions. As the fears of economic isolation loom over the country, Citibank....
Citibank, a major global banking institution, revealed on Wednesday that it has hired Switzerland-headquartered crypto custody firm Metaco to establish a digital asset custody platform. The collaboration will focus on tokenized securities, which are representations of stocks and bonds that are transferred and settled using blockchain technology, according to an email from a Citibank official. […]