FED – Federal Reserve announces enforcement action against Citigroup Inc. that requires the firm to correct several longstanding deficiencies


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October 07, 2020

Federal Reserve announces enforcement action against Citigroup Inc. that requires the firm to correct several longstanding deficiencies

For release at 4:30 p.m. EDT

The FED on Wednesday announced an enforcement action against Citigroup Inc. of New York, New York, that requires the firm to correct several longstanding deficiencies.

In particular, the cease & desist order requires Citigroup to enhance its firm-wide risk management & internal controls. Among other things, the firm has not taken prompt & effective actions to correct practices previously identified by the Board in the areas of compliance risk management, data quality management, & internal controls.

The Board’s action applies to the bank holding company & is being taken in conjunction with a separate action from the Office of the Comptroller of the Currency, which oversees the national bank.

For media inquiries, call 202-452-2955.

Last Update:

October 07, 2020

Source: Federal Reserves

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