Federal Reserve announces enforcement action against Citigroup Inc.

Federal Reserve announces enforcement action against Citigroup Inc.

Federal Reserve announces enforcement action against Citigroup Inc. that requires the firm to correct several longstanding deficiencies

Washington, DC (STL.News) The Federal Reserve Board on Wednesday announced an enforcement action against Citigroup Inc. of New York, New York, that requires the firm to correct several longstanding deficiencies.

In particular, the cease and desist order requires Citigroup to enhance its firm-wide risk management and internal controls.  Among other things, the firm has not taken prompt and effective actions to correct practices previously identified by the Board in the areas of compliance risk management, data quality management, and internal controls.

The Board’s action applies to the bank holding company and is being taken in conjunction with a separate action from the Office of the Comptroller of the Currency, which oversees the national bank.

CLICK to VIEW SOURCE

Can also be viewed on USBiz.Directory

About Marty Smith 10908 Articles
Marty Smith is the Editor in Chief and a founder of STL.News, DirectSourceNews.org, and St. Louis Restaurant Review. As Editor in Chief, Smith is responsible for the content posted on the network with the help of the publishing team, which is located around the globe. Additionally, Smith is responsible for building a network of aggregator sites to manage the content involving thousands of sources.