Incoming CEO Jane Fraser, who will take over early next year, has highlighted improving risk and control systems as a priority. "We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner," she said in a statement last month. The OCC order gives the regulator the right to veto any significant new acquisitions by the bank and to require changes to senior management or the bank's board if necessary. It also requires Citi to create new senior teams devoted to addressing the issues and for the board to provide frequent updates to regulators on how the comprehensive overhaul is progressing. Regulators said Citi has for years failed to address concerns over its operational problems, with some issues dating back to 2013. In recent years, the OCC has slapped Citi with more than $70 million in fines for a range of lapses, including violating fair housing and flood insurance regulations and rules on how long banks can hold foreclosed property.