Citi told to pay US$770m over credit card practices

Washington

CITIGROUP Inc's consumer bank has been ordered to pay US$700 million in relief to borrowers for illegal credit card practices, the US Consumer Financial Protection Bureau said.

The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products.