FTXO - Fed Penalizes Citigroup $136M For Data Management Failures | Benzinga
On Wednesday, the U.S. bank regulator Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) have fined Citigroup Inc (NYSE:C) $135.6 million for failing to comply with a 2020 enforcement action.
The Office of the Comptroller of the Currency (OCC) has amended its October 7, 2020, Cease and Desist Order against the financial institution.
This penalty is part of a larger effort, coordinated with the Office of the (OCC), to address ongoing issues with Citigroup's data quality management and risk controls.
Citigroup has been under scrutiny for its inadequate progress in addressing data management problems identified in the 2020 enforcement action.
The fine includes the $60.6 million fine ...