Senator Warren Calls for Growth Restrictions on Citigroup

Elizabeth Warren urges the OCC to impose limits on Citigroup's expansion due to persistent management and regulatory failures.

Senator Elizabeth Warren has written to Acting Comptroller of the Currency Michael Hsu, recommending growth restrictions on Citigroup.
Warren argues that Citigroup has become 'too big to manage' and has failed to address ongoing risk management and operational issues.
The call for action follows multiple enforcement actions and fines by regulators, including a $400 million penalty in 2020.
Citigroup's CEO, Jane Fraser, has stated that improving risk management is a top priority, with $7.4 billion spent on related efforts between 2021 and 2023.
The OCC has previously imposed growth caps on other banks, such as Wells Fargo, due to unresolved compliance issues.