WASHINGTON—The Federal Reserve has fined Citigroup $60.6 million for violating a 2020 enforcement action, the Fed reported.
“Citigroup has made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk,” the Fed stated.
The Fed said it will continue to monitor Citigroup's actions to comply with the 2020 action, which remains in effect, the Fed noted.
The Fed’s action was taken in coordination with the Office of the Comptroller of the Currency. The penalties announced by the Fed and the OCC of the Currency total approximately $135.6 million.