New York Citi issued the following statement today on the settlement it has reached with the Office of the Comptroller of the Currency to resolve an issue it self-identified, self-reported and corrected pertaining to the implementation of a mortgage loan program in the U.S.
"In 2012, Citi implemented a program that provided reduced pricing for mortgage borrowers that maintained certain levels of assets with the bank, typically referred to as relationship pricing. In 2014, Citi self-identified some errors in the program's implementation in which a small percentage of mortgage customers did not receive the benefit for which they were eligible, either receiving no benefit or one that was smaller than they should have.
"The errors affected borrowers across gender, race and ethnicity. Citi has no tolerance for discrimination in any form. Across its products, Citi provides equal access and opportunity for credit for applicants, regardless of race, ethnicity and gender and is committed to ensuring that customers are treated fairly.
"Citi self-reported the issue to the appropriate regulators, conducted a comprehensive review, strengthened processes and controls to help ensure correct implementation going forward and has largely completed reimbursements to the identified customers. We continue to closely monitor implementation and, if we identify an instance in which an eligible customer does not receive the full benefit of relationship pricing as intended, we will act promptly to correct.
"We apologize to our customers for the errors and are pleased to have the matter resolved."