Regs order Citi to address unresolved data management woes


Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.

Representatives from the Federal Reserve Board and Federal Deposit Insurance Corporation (FDIC) said in a Nov. 22 letter to Citigroup’s board chair and chief executive officer the bank successfully addressed enterprise-wide risk management, compliance, and internal control deficiencies highlighted when it was fined $400 million by the Office of the Comptroller of the Currency (OCC) in October 2020.

Citigroup has “satisfactorily addressed the shortcoming the agencies identified,” the letter said, though the regulators noted improvements are still needed regarding the bank’s data management practices.

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