OCC amends 2020 order against Citibank, N.A.

The OCC has announced it has issued an amendment to its October 7, 2020, cease and desist order against Citibank, N.A., Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls.

The amendment is based on the bank’s failure to meet remediation milestones and make sufficient and sustainable progress towards compliance with the 2020 Order. It was issued to ensure Citibank prioritizes the remediation work, including through the allocation of sufficient resources. The OCC also assessed a $75 million civil money penalty against Citibank based on the bank’s violations of the 2020 Order and lack of processes to monitor the impact of data quality concerns on regulatory reporting.

The Federal Reserve Board announced a separate but related action against Citigroup, the bank's holding company, assessing a $60.6 million civil money penalty for violating the Board's October 2020 enforcement action