Citigroup is preparing paperwork to ask U.S. regulators to lift the consent orders imposed in 2020 by the Federal Reserve and the Office of the Comptroller of the Currency (OCC), Reuters reported, citing sources familiar with the matter.
The bank plans to present regulators with a comprehensive audit before the end of this year or in the first quarter of 2027.
The orders required Citigroup to make substantial improvements to its risk management, compliance and internal controls. They also included a $400 million fine.
Lifting the orders would mark a significant milestone in CEO Jane Fraser’s efforts to resolve the bank’s long-running regulatory issues. It could also allow Citigroup to wind down parts of its extensive and costly remediation structure.