In 2020, Citigroup agreed to pay $400 million (~$464 million in 2023) to federal regulators over long-standing concerns regarding Citigroup's failure to establish effective risk management. [ 218 ] The Federal Reserve and the Office of the Comptroller of the Currency said that Citi had engaged in "unsafe and unsound banking practices." According to them, Citi had failed to correct problems that had been known for years.