News Release 2019-118 | October 11, 2019

OCC Assesses $30 Million Civil Money Penalty Against Citibank

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $30 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, for violations related to the holding period of other real estate owned (OREO).

The OCC found the bank engaged in repeated violations of the statutory holding period for OREO in 12 U.S.C. § 29 and 12 C.F.R. § 34.82. These violations resulted from the bank’s deficient processes and controls in the identification and monitoring of the OREO holding period. In assessing this civil money penalty, the OCC found the bank failed to meet its commitment to implement corrective actions, resulting in additional violations.

The bank paid the assessed penalty to the U.S. Treasury.

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