The Office of the Comptroller of the Currency (OCC) and the Federal Reserve (the Fed) determined that Citigroup had broken the conditions of a 2020 agreement, which required it to modify its risk management systems.
“Citigroup made insufficient progress in addressing data management quality issues and failed to implement additional controls to manage ongoing risks,” the Federal Reserve stated.
The bank was fined $400 million in 2020 for these infractions.
source: bloomberg.com
