- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-07-11T15:13:00
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
The Treasury Department’s Office of the Comptroller of the Currency (OCC) announced a $75 million fine Wednesday against Citi for failing to meet remediation milestones set out in a 2020 consent order, while in a concurrent action the Federal Reserve Board announced a $60.6 million penalty for violating its 2020 consent order.
Citi violated its 2020 consent order for several years by failing “to implement and maintain an enterprise-wide risk management and compliance risk management program, internal controls, or a data governance program commensurate with the Bank’s size, complexity, and risk profile,” according to the OCC’s penalty notice.
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2024-09-12T12:46:00Z By Aaron Nicodemus
Facing intense pressure from the banking industry, the Federal Reserve Board may scale back two controversial rule proposals aimed at reducing risks of bank failures in the event of a market downturn.
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
2024-01-31T19:27:00Z By Aaron Nicodemus
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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