Tag Archives: Keith Noreika

Key Takeaways From Bank Regulatory Enforcement Actions Against Citi

by Stephen Cutler, Lee Meyerson, Keith Noreika, Adam Cohen, and Spencer Sloan

On October 7, the Office of the Comptroller of the Currency assessed a $400 million civil money penalty against Citibank, N.A. related to deficiencies in enterprise-wide risk management, compliance risk management, data governance and internal controls, and issued a cease and desist order requiring Citibank to take comprehensive corrective actions. Concurrently, the Federal Reserve issued a separate cease and desist order requiring Citibank’s parent, Citigroup Inc., to enhance its firm-wide risk management and internal controls as a result of Citigroup’s failure to adequately remediate “longstanding enterprise-wide risk management and control deficiencies” previously identified by the Federal Reserve in consent orders from 2013 and 2015.

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