In July, the Fed and the OCC fined Citi $136 million for not moving fast enough in its efforts to repair risk-management issues that had been flagged in 2020. The regulators said the bank had missed certain milestones to address issues with its internal controls, as identified in a pair of consent orders the agencies issued four years ago. The Fed and the OCC assessed penalties of $60.6 million and $75 million, respectively, for the bank's violations of the prior orders. The OCC also said Citi must file a timeline and plan for cleaning up its compliance. The Fed added in a separate order that the bank could face additional penalties if it didn't step up appropriately. The Fed said the actions this summer followed a report from the Federal Reserve Bank of New York, which found ongoing deficiencies in Citi's data quality management and ineffective compensating controls to lessen associated risk. The report said the bank's game plan to address the 2020 consent orders was not adequate.