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According to sources familiar with the matter, Citigroup recently submitted a comprehensive multi-year plan to the Federal Reserve and the Office of the Comptroller of the Currency (OCC) outlining steps it will take to strengthen its risk management and internal controls.

The bank has been under increased scrutiny since 2020, when the Fed and OCC issued consent orders requiring that it fix long-standing deficiencies in its internal controls. A $400 million fine accompanied the OCC’s consent order. “We have constant and constructive engagements with our regulators,” Jane Fraser, CEO of Citigroup, said.

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