OCC Fines Citibank $30 Million Over OREO Holding Period Violations
12 October 2019 - 5:38AM
Dow Jones News
By Allison Prang
The Office of the Comptroller of the Currency has fined an arm
of Citibank $30 million for violating the holding period
regulations on foreclosed real estate.
The OCC said the Sioux Falls, S.D., arm of Citibank repeatedly
violated the other real-estate owned statutory holding period
because of "deficient processes and controls." Other real-estate
owned refers to property that banks take following foreclosures or
other borrower defaults.
The OCC's consent order states that the bank violated the
holding period more than 200 times over a two-year period that
ended this past August. The bank, since 2015, has committed
multiple times to fix its deficiencies, the OCC said.
The bank doesn't admit or deny wrongdoing, the OCC said in its
order. The regulator said the bank has paid the U.S. Treasury its
fine.
Citibank didn't immediately respond to a request for
comment.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 11, 2019 14:23 ET (18:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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