Reference no: EM13852644 , Length: 1

Conduct a stakeholder analysis for the case bellow and make recommendations for an improved outcome. Using the resources, support your discussion with evidence from reputable resources.

Case of Abused Internet Power by Business

The Bureau of Consumer Financial Protection on July 27th, 2015, ordered the Citibank along with its subsidiary for paying approximately 700 million US Dollars as a relief for customers who were eligible to receive the payment. An additional civil penalty of 35 million dollars has been imposed on the bank as a result of customers scammed for making payment on unwanted add- on services and products of credit card (Adhikari, 2015). As per the consent order of the Bureau, the defendants include Citicorp Credit Services, Department Stores National Bank and the Citibank.

The service providers or bank had been misrepresenting fees and costs, with the misrepresentation of advantages available for certain services, delivered unethical conduct for enrolling the customers to these services, omitted or misrepresented information regarding the eligibility criteria covered, and was involved in deceptive practices of bill collection and unfair billing (Adhikari, 2015). The accounts of 7 million customers had been affected by the deceptive administration, billing and marketing by Citibank for monitoring of credit and protection of debt regarding add- on products. In addition to this, a subsidiary of Citibank was found to charge expedited fees deceptively to almost 1.8 million accounts of customer during the calls of collection (Adhikari, 2015). These deceptive practices of credit card are pretty deeply rooted and widespread across the industry.

Citibank has been identified as the latest bank for being caught in the crosshairs of the Bureau. The only agency of the Bureau has been standing up actually for customers in the market place of finance and that is the reason why a number of Republicans are showing willingness to destruct the agency (Adhikari, 2015). The Bureau had been indulging in deceptive practices of marketing that include misrepresentation of fees and costs and to charge the customers for services that had not been received by them. The representatives of the bank stated that the customers had been told about free trials of 30 days for certain products, when there had been no such trial, with sale by fraud and identifying the protection of theft when the bank had not been performing these types of services (Adhikari, 2015).