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Citi Freed From OCC Amended Order
7.0
The Office of the Comptroller of the Currency on Thursday terminated an amended consent order it filed against Citi in July 2024, saying continued existence of the amendment is unnecessary. The original October 2020 OCC order and a separate Federal Reserve consent order remain in place as Citi continues remediation; the bank spent about $3.5 billion this year on risk-management upgrades and will focus on data quality in 2026.
Key Points
- 1OCC terminates amended July 2024 consent order against Citi for alleged violations
- 2Signals regulator satisfaction with Citi's remediation of data governance and enterprise risk controls
- 3Encourages continued investment in data quality, automation, and reporting to satisfy remaining Fed order
Scoring Rationale
Official regulatory action indicates meaningful remediation, but limited novelty and bank-specific scope reduce broader industry impact.
Sources
Public references used for this report.
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