Citibank was ordered by the Consumer Financial Protection Bureau (CFPB) to pay a $3 million penalty and provide nearly $11 million in consumer relief or refunds in a settlement over illegal debt sales and debt collection practices, <em>USA Today</em> reported today. The New York-based bank broke the law by selling credit card debt with inflated interest rates and failing to forward consumer payments promptly to debt buyers, the CFPB said in a consent order. Additionally, Citibank and two debt collection law firms that worked with the bank falsified court records filed in debt collection cases in New Jersey state courts, the CFPB said.
