secwatch.observer — SEC 8-K summary
======================================

Issuer:     CITIGROUP INC (C)
CIK:        0000831001
Form:       8-K
Filed at:   2024-07-10T23:59:59+00:00
Accession:  0001104659-24-079001
Event type: regulatory
Sentiment:  negative
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Citigroup and Citibank assessed $135.6M in civil money penalties for regulatory compliance failures
--------------------------------------------------------------------------------

- Federal Reserve fines Citigroup $60.6M for inadequate progress on data quality and risk management remediation from 2020 order.
- OCC fines Citibank $75M for failure to make sufficient and sustainable progress under 2020 consent order.
- OCC amendment requires Citibank to submit a Resource Review Plan within 30 days; restricts capital distributions until remediation is adequately resourced.
- Combined penalties total $135.6M; both Citigroup and Citibank consented without admitting or denying findings.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/831001/000110465924079001/0001104659-24-079001-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/831001/000110465924079001/c-20240710x8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-079001

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer