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Citigroup will be refunding $700 million to consumers and will pay $70 million in fines for illegal and deceptive credit card practices.
Bank of America says it is taking a $400 million charge to cover additional litigation costs and cut its results for the third quarter. The Charlotte, North Carolina, company says it is in talks with U.S. banking regulators about its foreign exchange business. Citigroup cut its third-quarter earnings by $600 million on Oct. 30 for similar reasons.
North Carolina communities will benefit from millions of dollars to help struggling homeowners facing foreclosure, as well as more housing counselors, financial fraud investigators and prosecutors, and stronger mortgage standards.