OCC Fines Citibank $30M Over Foreclosed Property Handling

Law360 (October 11, 2019, 7:11 PM EDT) -- Citibank NA has been fined $30 million by the Office of the Comptroller of the Currency for what the agency said were violations related to rules on how long banks can hold foreclosed property, also known as “other real estate owned,” or OREO.

The OCC said in a Friday consent order that the bank “repeatedly” violated the legal holding period for OREO, which is capped under federal law at five years for national banks unless a special extension is received.

Citibank did not admit or deny the allegations in consenting to the fine, but the bank acknowledged in a statement to...

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