A 2024 amendment to an earlier consent order against Citibank, N.A., was among six terminations of orders issued by the national bank regulator in December and released Thursday.
The order terminations were the only enforcements reported by the Office of the Comptroller of the Currency (OCC) for December, according to a press release.
The 2024 amendment for the consent order against Citibank – originally issued in 2020 – revolved around what the OCC termed “deficiencies” in the bank’s data governance, risk management, and internal controls. The agency those deficiencies constituted unsafe or unsound practices and contributed to violations of law or regulation.
In 2024, the OCC said it issued the amendment “to ensure the Bank prioritizes the remediation of its unsafe or unsound practices, including through the allocation of sufficient resources toward achieving timely and sustainable compliance with the 2020 Consent Order.”
The 2020 consent order also dealt with deficiencies in the bank’s data governance, risk management and internal controls.
Now, however, the OCC said it believes “that the safety and soundness of the Bank and its compliance with laws and regulations does not require the continued existence of the Amendment.” The termination order gives no reason for the change.
Leave a Reply