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Citigroup flagged the “relationship pricing” problems last year to its regulator, the Comptroller of the Currency (OCC), said the sources, who were granted anonymity to discuss the regulatory probe, which is not public. The bank told the OCC that discrepancies in “relationship pricing” were inadvertent and it had taken steps to resolve the issue, they said. Many lenders use mortgage rate discounts to deepen customer ties, but scrutiny of Citibank’s “relationship pricing’ offer could prompt questions about how other banks run such programs.
The OCC is examining whether Citigroup breached fair lending standards, which prohibit discrimination on the basis of customers’ race, gender, age or religion, the people said, If the OCC finds wrongdoing, it could fine Citigroup or put it under tighter oversight, among other options, they said, An OCC spokesman declined to comment on Wednesday, In a statement provided to Reuters on Wednesday, Citigroup spokesman Drew gucci interlocking g cufflinks Benson acknowledged the problems but said the bank “firmly believes it has not engaged in discrimination or violated fair lending laws.”..
“In 2014, Citi self-identified errors implementing its relationship pricing program which affected a small percentage of our mortgage customers,” Benson wrote in an email. “We conducted a comprehensive review, reimbursed affected customers and have strengthened our processes and controls to help ensure correct implementation going forward.”. The OCC referred Citigroup’s findings to the Justice Department, which also enforces fair lending laws, in July 2018, according to a DOJ official who spoke on condition of anonymity. The matter was sent back to the OCC for “administrative enforcement” in recent weeks, the official said.
The Justice Department may decline referrals from other agencies if officials determine gucci interlocking g cufflinks the problem has already been addressed or victims made whole, Citigroup’s mortgage loan officers have in recent months been trained on the dangers of bias and instructed to explain the benefits of “relationship pricing” to all prospective borrowers, two employees who have been part of the training told Reuters, Benson said recent bias workshops were voluntary and popular among employees and the “training had nothing to do with” relationship pricing..
(Reuters) - Sears Holdings Corp SHLD.O is preparing to file for Chapter 11 bankruptcy protection in the coming days following years of declining sales, sources said on Wednesday, casting doubt over the survival of what was once the world’s largest retailer. The bankruptcy filing would end a standoff between Chief Executive Officer Eddie Lampert, the retailer’s biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan proposed by Lampert that would involve asset sales and a debt restructuring.
The committee has been resisting the plan amid concerns that creditors and shareholders would sue over it gucci interlocking g cufflinks being too favorable for Lampert, His history of financial engineering at Sears for more than a decade through deals tied to his hedge fund ESL Investments Inc could now be subjected to new scrutiny by Sears’ creditors in bankruptcy court, according to the sources, Both Lampert and the Sears special committee now accept that only a court-supervised process can determine the company’s future, one of the sources said, Talks are under way to arrange debtor-in-possession financing for a bankruptcy filing that could come in the next few days, the sources added, CNBC first reported on the debtor-in-possession financing talks, while the Wall Street Journal first reported on Sears’ bankruptcy preparations..
A $134-million debt payment that Sears has to meet on Monday has added pressure on both Lampert and the special committee to find a resolution. Lampert had told the special committee he would not help the company fund that obligation unless it agreed to his plan, the sources said. The sources asked not to be identified because the matter is confidential. Spokespeople for Lampert and Sears declined to comment. “For whatever reason, Sears’ board said enough is enough,” said Chad Brand, president of Peridot Capital Management, which holds Sears bonds. Brand added that he had significantly cut down on his Sears bond holdings earlier this year amid concerns from his clients.
At its peak in the 1960s, Sears gucci interlocking g cufflinks sold everything from toys and auto parts to mail-order homes, and was a key tenant in almost every big mall across the United States, But it has struggled to reinvent itself in the face of online competition from companies such as Amazon.com Inc (AMZN.O), as well as from other brick-and-mortar retailers, including Walmart Inc(WMT.N), It is not clear whether Sears would survive a bankruptcy process, When Toys ‘R’ Us, the largest specialty toy retailer, filed for bankruptcy protection last September, it sought to emerge from it after restructuring its debt and shutting stores, Instead, it was forced to liquidate last March, after creditors balked at providing a new lifeline to the company..