OCC Hits Citibank with $30M OREO Penalty

Oct 14, 2019

The Office of the Comptroller of the Currency (OCC) has levied a $25 million civil money penalty against Citibank N.A., charging the lender with violating the Fair Housing Act

The Office of the Comptroller of the Currency (OCC) has enacted a $30 million civil money penalty against Citibank N.A. for violations related to the holding period of other real estate owned (OREO).

According to the agency, the Sioux Falls, S.D.-based 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.”

The OCC added the bank “failed to meet its commitment to implement corrective actions, resulting in additional violations.” Citibank paid the assessed to the U.S. Treasury and did not publicly comment on the penalty.

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Phil Hall

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Oct 14, 2019

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