U.S. regulator drops fine against Citi over fair-lending claims

 

Source: Patrick Rucker, Reuters

A top U.S. bank regulator has decided not to fine Citigroup for discriminating against minority mortgage borrowers, dropping the public rebuke that some officials had sought, two people familiar with the matter told Reuters.

The decision is sure to be watched by consumer advocates who have questioned whether the Office of the Comptroller of the Currency (OCC) will enforce fair lending rules under the leadership of Joseph Otting, an appointee of President Donald Trump and former banker who has pledged to be friendlier to the industry.

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