Citigroup fined $60.6 million by Federal Reserve Board for violating the Board’s 2020 enforcement action

The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating the Board’s 2020 enforcement action.

Citigroup has made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk. The Board continues to monitor Citigroup’s actions to comply with the 2020 action, which remains in effect.

The Board’s action is being taken in coordination with the Office of the Comptroller of the Currency. The penalties announced by the Board and the Office of the Comptroller of the Currency total approximately $135.6 million.

THE JUDGEMENT