Citigroup Sheds a Regulatory Penalty on Risk and Compliance (1)

A key regulator of Citigroup Inc. removed part of a penalty it imposed last year, a sign the bank is closer to completing its longstanding effort to improve risk and compliance.

The US Office of the Comptroller of the Currency eliminated an amendment, issued in July 2024, to a 2020 consent order it imposed on the bank, the regulator said in a termination order Thursday.

The amendment came with almost $136 million in fines from the OCC and the Federal Reserve, which said at the time that the bank had made insufficient progress in improving data-quality management and risk controls. ...