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Article: California Reinvestment Committee: California Should Not Settle for Citigroup; Report of Possible Predatory Lending Settlement Not Good Enough For California Group.
- Article from:
- PR Newswire
- Article date:
- September 6, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN FRANCISCO -- The California Reinvestment Committee (CRC) urges the Federal Reserve Board not to be fooled by reports that Citigroup may seek to settle pending litigation filed by the Federal Trade Commission alleging predatory lending practices at Citigroup's subprime lending arm, CitiFinancial. The Wall Street Journal reports that Citigroup may settle for a record $200 million with the FTC, presumably in an attempt to resolve some of the many troubling allegations leveled at Citigroup in recent months. At the same time, Citigroup is currently seeking regulatory approval to acquire Golden State Bancorporation, which owns California Federal Bank and First Nationwide ...