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Seniors Group Accuses Citigroup Office in New York of Credit-Insurance Abuse.
Byline: Chet Bridger
Nov. 8--The AARP, pushing for tougher consumer lending laws in New York, claims a CitiFinancial office in Tonawanda is a prime example of the need to curb abuses.
A former assistant manager at the Sheridan Drive office of CitiFinancial, a consumer lending arm of Citigroup, testified in a Federal Trade Commission case against Citigroup that the office targeted "gullible" customers to sell credit insurance and meet sales quotas.
The American Association of Retired Persons, the large lobbying group representing Americans over age 50, recently began distributing copies of the affidavit given by Gail Kubiniec as part of its public campaign to get the State Senate to pass "predatory lending" legislation. The Assembly has already passed a bill AARP supported.
"I and other employees would often determine how much insurance could be sold to a borrower based on the borrower's occupation, race, age and …
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