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Light to Locally Moderate Snow Storm This Afternoon Through Tonight

A weak area of low pressure will cross the region from late Sunday through early Monday morning bringing a period of accumulating snow which will begin as some light and spotty snow this afternoon. A steadier snow will develop late this afternoon and continue through the first half of tonight. Expect slow and slick travel conditions this evening with variable snow accumulations ranging from 1"-3 in the Capital Region and much of the Hudson valley to as much as 5" in terrain favored areas in the Adirondacks, Catskills, Vermont and Berkshire County.

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The Bottom Line: Citigroup settlement

Updated: Tuesday, July 15 2014, 12:23 PM EDT
ALBANY -- The federal government has reached a $7-billion settlement deal with Citigroup for its role in causing the 2008 financial crisis, and hundreds of millions of that money is coming to New York State.

U.S. Attorney General Eric Holder says Citigroup sold faulty mortgage-backed securities to investors, leading to the mortgage meltdown.

Under the deal reached, Citigroup will pay a record $4-billion penalty to the U.S. Justice Department.

It will also pay $2.5-billion in consumer relief, and another $500-million to states and the FDIC.

Of the total $7-billion settlement, $182-million will be coming to New York.

New York State Attorney General Eric Schneiderman says that's $92-million in cash to the state, plus another $90-million in consumer relief.

The Bottom Line on what that money will mean for New York consumers -- principal forgiveness on some mortgages, refinancing available at lower interest rates, and financial assistance for some down payments and closing costs.

The A.G.'s office tells CBS 6's Dori Marlin, it's one of the "biggest victories for holding those who caused the financial crisis accountable."The Bottom Line: Citigroup settlement


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