Treasury Department’s Office of the Comptroller of the Currency has hit Citibank with a $400 million fine. The OCC is also requiring the bank to obtain its approval “before making significant new acquisitions” The Federal Reserve Board is requiring Citigroup Inc. of New York City to submit a plan to address deficiencies in the implementation and execution of “areas of risk management and internal controls” The board must spell out how it will provide oversight of managements execution of the matters identified in the Fed’s order.”]
Source: https://www.govinfosecurity.com/risk-management-shortfalls-lead-to-400-million-citibank-fine-a-15171