US bank regulators fine Citi $136 million for failing to address longstanding data issues, Fed says

WASHINGTON (Reuters) – A pair of U.S. bank regulators fined Citigroup $136 million for failing to make adequate progress fixing data management issues the agencies identified in 2020, the Federal Reserve announced on Wednesday.

The joint action from the Fed and Office of the Comptroller of the Currency relates to “insufficient progress” Citi has made fixing data management problems and implementing controls to manage that ongoing risk, the Fed said. Regulators first fined the bank $400 million in 2020 for the same issue, and ordered it to make fixes.

(Reporting by Pete Schroeder)