Money Makers Mentor

Citibank Fined $400 Million Over Banking Errors

The Office of Comptroller of Currency has fined Citibank with $400 million for repeated errors committed by the bank. The civil money penalty relates “to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls,” the OCC said in the press release.

The bank is under fire for its unsafe or unsound banking practices and failure to establish effective risk management and data governance tools. Banking regulators – Federal Reserve and the OCC took separate actions against CitiGroup for its repeated banking errors. 

While the OCC has fined Citibank for banking errors, the Fed announced an enforcement action against CitiGroup. The enforcement action “requires the firm to correct several longstanding deficiencies,” and “require…

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