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Corporate Citizenship
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Citigroup by Topic
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# •  Summary #
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# •  Working Paper #
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# •  Initiatives Reports #
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#     - December 2002 #
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#     - June 2002 #
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#     - December 2001 #
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#     - October 2001 #
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#     - August 2001 #
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# •  Lending Initiatives #
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# •  Letter to Employees from CitiFinancial CEO & President, May 2004 #
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# •  Letter to Employees from CitiFinancial CEO & President, March 2004 #
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# •  Editor's Note on HOEPA #
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 # Consumer Finance
Editor's Note on HOEPA
 
It is CitiFinancial’s policy not to originate loans covered by the Home Ownership and Equity Protection Act (HOEPA). This is consistent with our commitment to raise the bar in the consumer finance industry by adopting industry-leading best practices.
 
Yet some confusion has arisen because we implemented this policy over time. Our CitiFinancial branch network in the U.S. adopted the policy in January 2003, Citicorp Trust Bank adopted it in April 2004, and Associates Financial Services of Puerto Rico did so in July 2004.
 
If we purchase a lender that makes HOEPA loans – as we did in 2004 with Washington Mutual Finance Corp. – as soon as we integrate the business it no longer makes them. And in the event that a HOEPA loan is inadvertently made, it is our policy to work with the borrower to lower the interest rate.
 
We are proud to provide credit to thousands of consumers to help them reach their goals and dreams, and we are proud that so many community leaders and advocates have recognized the advances we have made to benefit our No. 1 priority: our customers.