Citigroup Inc. has responded to the Securities and Exchange Commission (SEC) with a commitment to enhance its financial disclosures. This follows the SEC's request for further clarification on Citigroup's compliance with consent orders and its risk management, governance, and internal controls. Citigroup will include a new section in its upcoming Quarterly Report detailing its multiyear transformation efforts and the implementation of consent orders issued by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC). Additionally, Citigroup has been fined a total of $135,625,620 by the FRB and OCC for deficiencies in its data quality management program and insufficient progress on compliance with the OCC's 2020 Consent Order. The bank will also submit a...Show More

Citigroup Inc. has responded to the Securities and Exchange Commission (SEC) with a commitment to enhance its financial disclosures. This follows the SEC's request for further clarification on Citigroup's compliance with consent orders and its risk management, governance, and internal controls. Citigroup will include a new section in its upcoming Quarterly Report detailing its multiyear transformation efforts and the implementation of consent orders issued by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC). Additionally, Citigroup has been fined a total of $135,625,620 by the FRB and OCC for deficiencies in its data quality management program and insufficient progress on compliance with the OCC's 2020 Consent Order. The bank will also submit a Resource Review Plan to the OCC as part of an amendment to the 2020 Consent Order. Citigroup's transformation includes investments in technology, hiring, and consulting to modernize its infrastructure and improve risk management. The bank has made progress in several areas, including risk management efficiency, application retirement, and system resiliency. Despite these efforts, the FRB and OCC have identified ongoing deficiencies and insufficient progress, which may lead to further regulatory actions.