Citigroup speeds up push to exit US regulatory consent orders

Citigroup is accelerating efforts to resolve its longstanding regulatory orders with United States authorities. According to a report by Reuters on October 12, 2026, the lender has completed 90% of the required regulatory remediation work as it seeks to lift restrictions on its operations.

The enforcement actions trace back to August 2020, when Citigroup accidentally transferred 900 million dollars to creditors of cosmetics maker Revlon. In October 2020, the Office of the Comptroller of the Currency issued a consent order and imposed a 400 million dollar civil penalty over deficiencies in internal controls and risk management.

Regulatory scrutiny intensified in July 2024 when authorities penalised the bank for insufficient progress under the agreements. The Federal Reserve Board and the OCC assessed a combined civil penalty of 135.6 million dollars, with the OCC levying 75 million dollars and the Federal Reserve Board imposing 60.6 million dollars.

To overhaul its systems and address supervisor concerns, Citigroup spent 3.3 billion dollars on transformation and risk control work in fiscal year 2023. Regulators have not published a formal timetable for terminating the consent orders.