Citi breaks banks safety rules, makes liquidity reporting errors: Report

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Citi breaks banks safety rules, makes liquidity reporting errors: Report - Business Standard

Quick Summary:

Earlier this month, the Fed and the OCC fined Citi for "insufficient progress" in fixing data management problems and implementing controls to manage ongoing risks.

Reuters could not determine whether regulators were aware of Citi's Regulation W breaches or inaccuracies in liquidity reporting.

The two regulators have had Citi on notice since October 2020, when they issued regulatory punishments called consent orders over its risk management practices.