The OCC says deficiencies in a Wells Fargo loan modification program constituted “reckless unsafe or unsound practices."
“The public rebuke marks a major escalation of regulators’ efforts to get Citigroup to fix its risk systems."
A consent order with eight states addresses the software patch management failures that led to the massive data breach in May 2017.
The bank agrees to pay $41 million for allowing "significant deficiencies" in its monitoring of billions of dollars in potentially suspicious transactions.
