Fed and OCC act against Citigroup

Federal Reserve
The Federal Reserve building in Washington, DC

The Federal Reserve and the Office of the Comptroller of the Currency have taken action against Citigroup, the third-largest US bank, over deficiencies in its risk management.

Both agencies took action against the bank in recent years, but the most recent one on October 7 was harsher than their previous moves. The Fed noted that it imposed orders on Citigroup’s board in 2013 and 2015 requiring the remediation of several deficiencies in areas where it still had major problems. The OCC has

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