OCC Amends Enforcement Action Against Citibank, Assesses $75 Million Civil Money Penalty — 2024-07-10

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today 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 (2020 Order). 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 amendment supplements but does not replace the 2020 Order, which remains in full force and effect. “Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies,” said Acting Comptroller of the Currency Michael J. Hsu.