The Office of the Comptroller of the Currency levied a $30 million civil money penalty against Sioux Falls-based Citibank South Dakota NA for violations related to the holding period of other real estate owned.
The OCC found that the violations resulted from the bank's inadequate processes and controls over the identification and monitoring of the holding period of other real estate owned. The bank kept failing to submit timely requests to extend the holding period and failed to correct the issue despite committing to do so.
The bank paid the fine to the U.S. Treasury.
