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

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.