OCC, Fed fine Citi $136M for repeated risk management, data governance failures
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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