What's Going On With Citigroup Shares Today?
BY Benzinga | ECONOMIC | 07/31/24 12:08 PM EDTCitigroup Inc.
According to the document, which provides a 2023 year-end snapshot of some of Citigroup’s work on regulatory issues “the firm’s subsequent reaction to the breaches resulted in liquidity reporting inaccuracies,” said Reuters.
These infractions are being reported for the first time. Regulation W mandates banks limit transactions, such as loans, with their affiliates to protect depositors with government-insured funds up to $250,000.
The Regulation W violations come as Citigroup
According to the document, the “longstanding breaches revealed weaknesses” in Citigroup’s “ability to identify, monitor, and prevent” future Regulation W violations.
Meanwhile, “proposed revisions to policies and procedures do not appear to provide sufficiently clear guidance for employees to assure compliance with the regulation.”
A bank spokesperson stated, “We are fully committed to complying with laws and regulations and have a strong Regulation W framework in place to ensure prompt identification, escalation and remediation of issues in a timely manner.”
As per the report, in 2020, authorities deemed its risk practices “unsafe and unsound,” and in 2023, the bank was criticized for how it assessed counterparty risks.
This month, Citigroup
In May, British regulators imposed a hefty fine of over $78.5 million on Citigroup
Citigroup
C Price Action: Citigroup
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