Citibank pays $30 million fine to settle real-estate violations
Citibank has agreed to pay a $30 million (23.7 million pounds) fine to settle charges of repeated violations of real estate holding rules and for failing to meet its commitment to take corrective actions, the U.S. Office of the Comptroller of the Currency (OCC) said on Friday.
Citibank has agreed to pay a $30 million (23.7 million pounds) fine to settle charges of repeated violations of real estate holding rules and for failing to meet its commitment to take corrective actions, the U.S. Office of the Comptroller of the Currency (OCC) said on Friday. Federal law limits the time a national bank may hold foreclosed and "other real estate owned" (OREO) assets.
In 2015, Citi said it lacked adequate processes to effectively monitor the holding period, and committed to developing and taking corrective actions, but it did not do so, the OCC said. As a result, between 2017 and 2019, the bank committed over 200 violations in South Dakota related to the statutory holding period for OREO assets.
On Friday, a Citi spokesman said the bank did not meet the holding requirement in some instances, but customers were not affected.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
10:26 AM IST