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Home > Acquisitions > OCC Assesses $400 Million Civil Money Penalty Against Citibank
Oct13 - 20

OCC Assesses $400 Million Civil Money Penalty Against Citibank

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls.

The OCC took these actions 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. This failure also resulted in a violation of 12 CFR Part 30, Appendix D, “OCC Guidelines Establishing Heightened Standards for Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches.” Read the complete article HERE.

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