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The Bureau of Consumer Financial Protection on Friday announced its settlement with Citibank, N.A. As a result of Truth in Lending Act (TILA) violations, Citibank must pay $335 million in restitution to consumers affected by the bank's practices.

The bureau found that Citibank violated the TILA by failing to reevaluate and reduce the annual percentage rates (APRs) for about 1.75 million consumer credit card accounts. The bank also did not have "reasonable written policies and procedures" to conduct APR reevaluations to ensure consistency with regulatory requirements, the bureau said. Along with paying restitution to consumers, Citibank must also correct its practices.

No civil money penalties were assessed against the bank because Citibank self-reported the violations to the bureau and initiated remediation to those consumers affected by its practices, the bureau said.