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Citigroup Fined $136 Million for 2020 Data Quality Management Failures, Ongoing Risk Issues

Jul 10, 2024, 08:46 PM

Citigroup has been fined $136 million by U.S. bank regulators for failing to address longstanding data quality management issues identified in a 2020 enforcement action. The Federal Reserve imposed a $61 million fine, while the Office of the Comptroller of the Currency (OCC) contributed to the total penalty. Citigroup CEO Jane Fraser acknowledged the bank's slow progress in an internal memo, stating that the bank has already begun taking steps to get back on track. The bank has committed to spending what is necessary to address the consent orders, despite the challenges involved. Acting Comptroller Hsu noted that Citigroup is making progress but still faces issues managing ongoing risk.