Citibank to pay US$700m over credit card practices: US regulator

[WASHINGTON] The US Consumer Financial Protection Bureau ordered Citigroup Inc's consumer bank to pay US$700 million in relief to borrowers for what the agency said on Tuesday were illegal credit card practices.

The consumer watchdog said about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, including misrepresenting costs and fees and charging customers for services they did not receive.

REUTERS