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Article: FTC/Citigroup Deal Threatens Low Income and Minority Californians With Predatory Practices, Reports the California Reinvestment Committee; Predatory Lending Settlement Ignores Citigroup's Record of Onerous Loan Terms And Disparate Lending.
- Article from:
- PR Newswire
- Article date:
- September 19, 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) criticizes the Federal Trade Commission settlement of a predatory lending case against Citigroup, to be announced at a press conference Thursday morning, September 19, 2002. The settlement will do nothing to protect California borrowers from the problematic lending practices of Citigroup.
"Citigroup is a finance company pretending to be a Bank," said CRC Executive Director Alan Fisher. "We fear a growing Citigroup presence in California and believe it will be harmful to California communities. The FTC may have settled with Citigroup, but we don't think California should have to settle for Citigroup." ...