Bloomberg Law
Nov. 2, 2020, 7:29 PM

ANALYSIS: Ongoing Risk Management Failures Bring Major Fines

Patty Tehrani
Patty Tehrani
Legal Analyst

Significant fines against big banks serve as important reminders that ongoing failures to correct longstanding compliance and risk management deficiencies will have consequences.

In October, the Office of the Comptroller of the Currency (OCC) issued significant fines against three major banks for compliance and risk management failures.

Citibank

On Oct. 7, the OCC walloped Citibank with a $400 million penalty for longstanding deficiencies involving the bank’s enterprise-wide risk management, compliance, data governance, and internal controls — shortcomings that its parent company, Citigroup, is also being held accountable for by the Federal Reserve.

Check back shortly for my follow-up analysis as ...

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