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Citigroup 200m Original Source Link: (May no longer be active)    http://www.cnn.com/2002/BUSINESS/09/06/citigroup.reut/index.html http://www.cnn.com/2002/BUSINESS/09/06/citigroup.reut/index.html Citigroup may pay $200M in FTC case? NEW YORK, Sept 6 (Reuters) --Citigroup Inc is close to an agreement with the Federal Trade Commission to pay about $200 million to settle allegations of ``predatory lending'' to consumers, The Wall Street Journal reported in its online edition Friday, citing people familiar with the matter. The talks could still fall apart -- settlement talks between the two have failed before -- but both sides believe an agreement could be announced this month, the Journal reported. If Citigroup, the largest U.S. financial-services company, ultimately pays around $200 million, it would be the largest consumer-protection settlement with the FTC and by far the biggest amount ever paid in a predatory-lending case, according to the Journal article. Predatory lending is generally viewed as mortgage lending that unfairly takes advantage of consumers, especially those with poor credit histories, through abusive practices such as deceptive marketing or unnecessary refinancings to generate fees, according to the Journal article. The proposed FTC settlement would end a suit filed by the commission in a federal court in Atlanta in March 2001 against Associates First Capital Corp, a Dallas-based sub-prime lender that Citigroup acquired in November 2000 for $27 billion. Citigroup and its own consumer-finance unit, CitiFinancial, into which Associates was merged, also are defendants. Among the alleged abuses that occurred at Associates: deceptive marketing practices; inducing borrowers to unknowingly purchase optional insurance on loans, and abusive debt-collecting practices.

Citigroup 200m Citigroup close settlement Citigroup settlement Credit card offers swamp bankruptcy filers { April 15 2005 } Credit consolidation companies hurt debtors { April 7 2008 } Credit counseling companies prey on customers { May 15 2006 } Mortgage fraud in rampant in US Shifts management { September 9 2002 } Files Listed: 8

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