Shagi
2024/07/11 01:41
significant fine of $60.6 million on Citigroup fo
significant fine of $60.6 million on Citigroup for its failure to address persistent risk management and data quality deficiencies, despite a formal order issued in 2020. The bank's attempts to enhance its data quality management and regulatory reporting were deemed insufficient, leading to ongoing weaknesses in compliance and risk management.
This enforcement action is part of a broader effort by federal regulators to hold banks accountable for their risk management practices. The total penalty imposed on Citigroup amounts to $135.6 million, with the Office of the Comptroller of the Currency imposing an additional $75 million fine.
The Federal Reserve's action emphasizes the importance of banks' operating in a safe and sound manner, with effective risk management and data quality practices in place. Citigroup has consented to the fine and is taking steps to rectify the cited violations, but the regulator warned that further enforcement actions may be pursued if the bank fails to achieve substantial compliance.
This development comes on the heels of federal regulators issuing warnings to four major banks, including Citigroup, regarding their living wills, which outline plans for winding down operations in the event of failure. The regulatory scrutiny highlights the need for banks to prioritize risk management and compliance, ensuring the stability of the financial system.
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