Citigroup Inc. has been fined $136 million by the Federal Reserve and the Office of the Comptroller of the Currency (OCC) for failing to sufficiently address its data quality management problems.

This enforcement action follows earlier penalties totaling $400 million in 2020, highlighting ongoing deficiencies in Citigroup's risk management and internal controls.

Despite agreeing to remedial plans, a recent Fed examination revealed continued deficiencies, prompting criticism that progress has been inadequate.

Citigroup's CEO, Jane Fraser, acknowledged the bank's slow progress in enhancing data management but affirmed recent intensified efforts and increased investments in compliance.

Regulatory scrutiny has intensified, with Citigroup under pressure to address issues ranging from data quality to risk measurement practices.