Federal Reserve News: Federal Reserve Board fines Citigroup $8.6 million

Federal Reserve News: Federal Reserve Board fines Citigroup $8.6 million

WASHINGTON – The Federal Reserve Board on Friday announced an $8.6 million fine against Citigroup for the improper execution of residential mortgage-related documents.

The $8.6 million penalty addresses the deficient execution and notarization of certain mortgage-related affidavits prepared by a subsidiary, CitiFinancial.  The improper practices occurred in 2015 and were corrected.  CitiFinancial exited the mortgage servicing business in 2017.

Also on Friday, the Board announced the termination of an enforcement action from 2011 against Citigroup and CitiFinancial related to residential mortgage loan servicing.  The termination of this action was based on evidence of sustainable improvements.

______

SOURCE: news provided by FEDERALRESERVE.GOV