On October 7, 2020, the Office of the Comptroller of the Currency (OCC) announced that they had issued two consent orders and assessed a $400 million civil money penalty (CMP) against Citibank due to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls. In their release, the OCC explained that these measure were taken “based on the bank’s unsafe or unsound banking practices for its long-standing failure to establish effective risk management and data governance programs and internal controls.”
The OCC release can be found here.
The consent cease and desist order can be found here.
The CMP consent order can be found here.
