Citigroup facing federal probe over student loans

Citigroup Inc., the third-largest U.S. bank by assets, is being investigated by the Consumer Financial Protection Bureau over its student-loan servicing practices, a person with direct knowledge of the matter said.

Citigroup is cooperating with the probe, the New York-based firm said Monday in a filing that didn’t disclose which regulator was involved. That agency is the CFPB, said the person, who asked not to be identified discussing an ongoing investigation.

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