Compliance staff at Citigroup Inc. received specific instructions on ensuring that the bank fulfills the terms of its $5 million settlement with the U.S. Department of Justice over robo-signing claims in consumer bankruptcy cases involving some 71,000 Macy’s credit card accounts.
Citigroup, which self-reported the problem, gave this statement to Corporate Counsel on Tuesday: “In 2015, Citi identified potential issues with the way a vendor was processing bankruptcy proof of claims for the Macy’s credit card program. Citi halted the vendor’s filings and promptly reported the issue to the Executive Office of the United States Trustee.”
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