Regulators Fine Citigroup $136 Million Over 2020 Risk Order

Regulators have fined Citigroup a combined $135.6 million, saying the lender failed to make enough progress in resolving internal data management and risk issues.

In a July 10 pstatement, the Federal Reserve Board said it fined Citigroup $60.6 million for failing to fulfill a 2020 order obliging the bank to fix the issues and implement controls to manage ongoing risks.

At the same time, the Office of the Comptroller of the Currency (OCC) announced a $75 million fine against Citibank, the main U.S. banking subsidiary of Citigroup, based on the same order.

Citigroup has “made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk,” the Federal Reserve Board said, adding that it is still monitoring Citigroup’s efforts to comply with the 2020 agreement.

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