Citi Faces $136 Million Fine Over Alleged Violations of Consent Orders
Wednesday, 10 July 2024, 22:37
Citi Fined $136 Million for Alleged Violations
The Federal Reserve and the Office of the Comptroller of the Currency have imposed a hefty fine of $136 million on Citi for alleged violations of 2020 consent orders.
Lack of Progress in Risk Management
The regulators have expressed concerns over Citi's inadequate progress in improving its risk management systems, indicating a critical gap in compliance.
- Compliance Issues: Citi faces challenges in meeting regulatory requirements.
- Risk Management: The megabank struggles to enhance its risk management systems.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.