The OCC's $75 million fine
- Citi fined for failure to meet remediation milestones and to make sufficient and sustainable progress to correct deficiencies identified in an October 2020 Consent Order. The OCC had previously fined Citi $400 million in connection with the Consent Order.
- In addition to the fine, Citi has 30 days to submit to the OCC a detailed plan outlining its go-forward process to ensure the allocation of sufficient resources to achieve timely and sustainable compliance with the Consent Order.
The Federal Reserve's $60.6 million fine
- The fine was assessed for Citi's ongoing deficiencies in data quality management and ineffective risk mitigation controls.
- A Fed examination found Citi failed to make adequate progress executing the data quality management program required by an October 2020 Consent Order, and as a result, violated that Order.
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