Sen. Schiff, Colleagues Probe Consumer Financial Protection Bureau’s Termination of Citibank’s $25 Million Settlement for Discriminating Against Armenian Americans

WASHINGTON, D.C. – Today, U.S. Senator Adam Schiff (D-Calif.) led a bicameral group of Senators and Members of Congress in pushing for answers on Consumer Financial Protection Bureau’s (CFPB) Acting Director Russell Vought’s cancellation of a $25 million settlement holding Citibank accountable for their discrimination against Armenian American banking customers.

For years, Citibank singled out Armenian Americans, targeting applicants in the state of California whose last names ended in “-ian” and “-yan” – common Armenian surnames. A federal investigation concluded that Citibank intentionally denied credit card applications and engaged in openly discriminatory practices. In 2023, they were fined $25 million.

“On October 16, 2025, the CFPB terminated the consent order, claiming that Citi “has fulfilled certain obligations” laid out in the consent order. The Bureau claimed these obligations included paying a $24.5 million civil money penalty, making redress payments, and “taking steps to implement injunctive relief to prevent future violations” of the consent order. This termination effectively invalidates the consent order, even though CFPB originally intended for it to remain in effect until 2028,” the lawmakers wrote.

The lawmakers argue that no clear justifications were made leading to the Trump administration’s decision to terminate the consent order – a decision that is in clear violation of CFPB’s responsibility to protect consumers and ensure equal access to credit.

“As detailed in the CFPB’s findings, Citi employees allegedly targeted applicants in the state of California whose last names ended in “-ian” and “-yan,” which are common parts of Armenian surnames, particularly applicants whose addresses were in or near Glendale, California, home to a large and vibrant Armenian community. Citi employees also referred to applicants as “Armenian bad guys” and the “Southern California Armenian Mafia” and negatively singling out their creditworthiness, behavior which was actively encouraged by supervisors and trainers,” the lawmakers wrote.

“The decision to terminate the consent order is a clear abdication of this responsibility, and casts significant doubt on the CFPB’s commitment to protecting the Armenian American community and enforcing the Equal Credit Opportunity Act on behalf of all Americans,” the lawmakers concluded.

The letter was signed by U.S. Senators Alex Padilla (D-Calif.), Elizabeth Warren (D-Mass.), and Edward Markey (D-Mass.) and U.S. Representatives Judy Chu (D-Calif.-28), Laura Friedman (D-Calif.-30), Luz Rivas (D-Calif.-29), and Brad Sherman (D-Calif.-32).

In the wake of the Citibank revelations and settlement, Schiff sought further accountability from Citibank through a letter to then-Acting Comptroller of the Currency Michael J. Hsu, urging the agency to investigate Citibank’s discriminatory practices against Armenian Americans.

In October 2025, Senator Schiff sought further accountability from Citibank to investigate their discriminatory practices against Armenian Americans.

The full text of the letter can be found here .