Washington, DC — Today, U.S. Senator Adam Schiff (D-Calif.) released the following statement in response to the Trump administration cancelling a $25 million settlement holding Citibank accountable for their discrimination against Armenian credit card customers:
“For years, Citibank intentionally singled out Armenian Americans, subjecting them to illegal discrimination on the basis of their national origin. They turned away customers, denied credit card applications, and engaged in openly discriminatory practices on the basis of an applicant’s surname.
“Once again, this administration is putting big corporations ahead of the people. It has terminated the restitution these victims were granted and sent a clear message to the Armenian American community that Citibank is more important than the financial success of its customers. This choice, to take the side of the bank against the wronged in the face of the most plainly discriminatory conduct, will cast a long shadow over the community.
“The President and Russell Vought are swiftly dismantling, brick by brick, the Consumer Financial Protection Bureau (CFPB), the very agency Congress created to be a cop on the beat of Wall Street banks. The CFPB investigated Citibank’s unlawful practices and ultimately levied penalties against the bank to hold them accountable.
“For years, Armenian communities across the country have continued to stand up against discrimination directed at them merely because of who they are and where they come from. I will continue to stand with the Armenian people to ensure banks and financial services institutions do not engage in discriminatory practices that obstruct individuals’ access to economic opportunity.”
Background: California is home to nearly 250,000 Armenian Americans — more than half of the Armenian diaspora in the United States — and Schiff has been a strong champion for the Armenian community throughout his tenure in Congress. Prior to his election to the Senate, Schiff’s congressional district was home to the largest group of Armenian Americans in the United States.
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.
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