CFPB slaps Citi with fine for deceptive student loan servicing

The Consumer Financial Protection Bureau (CFPB) has ordered Citi to pay $6.5m for private student loan servicing “failures”, which includes a fine and a refund to affected borrowers.

  • By Sasha Padbidri
  • 22 Nov 2017

The bureau said in a Tuesday statement that the bank had misled borrowers into believing they were not eligible for a tax deduction for interest paid on certain loans, in addition to incorrectly charging late fees and interest on loan balances to in-school students.

“Citibank’s servicing failures made ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,126.76 346 12.85%
2 Bank of America Merrill Lynch 99,988.41 288 10.70%
3 Wells Fargo Securities 88,516.28 265 9.47%
4 JPMorgan 69,113.88 208 7.39%
5 Credit Suisse 51,313.00 155 5.49%