Citi Fined $400M Over 'Longstanding' Deficiencies

Law360 (October 7, 2020, 5:22 PM EDT) -- U.S. banking regulators on Wednesday announced enforcement actions against Citigroup Inc. and its national bank subsidiary Citibank over "longstanding" risk management, data governance and internal controls deficiencies, slapping the bank with a $400 million fine.

The Office of the Comptroller of the Currency based its fine against Citibank on a "longstanding failure to establish effective risk management and data governance programs and internal controls." (AP Photo/Eric Risberg, File)

The Office of the Comptroller of the Currency, which assessed the fine against Citibank NA, said its action was based on the bank's "longstanding failure to establish effective risk management and data governance...

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