Sen. Schiff, Colleagues Probe Consumer Financial Protection Bureau’s Termination of Citibank’s $25 Million Settlement for Discriminating Against Armenian Americans
Sen. Schiff and colleagues are investigating the CFPB's termination of a $25 million settlement against Citibank for discriminating against Armenian Americans.Summary
U.S. Senator Adam Schiff led a bicameral group of lawmakers in questioning the Consumer Financial Protection Bureau's (CFPB) Acting Director Russell Vought regarding the cancellation of a $25 million settlement against Citibank. The settlement was established after a federal investigation found that Citibank intentionally discriminated against Armenian American banking customers by targeting applicants in California with surnames ending in "-ian" and "-yan". The lawmakers argue that the CFPB's decision to terminate the consent order on October 16, 2025, without clear justification is a violation of the agency's responsibility to protect consumers. They point out that the termination effectively invalidates the order, which was intended to remain in effect until 2028. The letter was signed by Senators Alex Padilla, Elizabeth Warren, and Edward Markey, and Representatives Judy Chu, Laura Friedman, Luz Rivas, and Brad Sherman. The lawmakers emphasize that the termination casts significant doubt on the CFPB's commitment to protecting the Armenian American community and enforcing the Equal Credit Opportunity Act.
(Source：Armenian Life)