Observations
Nov 21, 2023Earlier this month, the Consumer Financial Protection Bureau (CFPB) ordered Citibank to pay $25.9 million in fines and consumer redress for discriminatory practices against Armenian American credit card applicants from 2015 to 2021. Following this, last week Congresswoman Maxine Waters, the top Democrat on the House Financial Services Committee, sent a letter to Acting Comptroller of the Currency Michael Hsu urging him to consider additional actions against Citibank.
by Keith Noreika, Bryan Hubbard
Compendium
Jun 07, 2023Compendium
Jun 07, 2023In recent years, there has been much discussion of financial risk being “solved.” The problems that caused the Global Financial Crisis had been fixed, and the financial system was now sufficiently resilient. However, in early March 2023, this thinking came into question. On March 8th, Silicon Valley Bank (SVB), a regional bank that catered mainly to start-ups, announced that it would need to raise $2 billion from investors to shore up its balance sheets.
