C Citigroup Inc

By Allison Prang

The Office of the Comptroller of the Currency has fined an arm of Citibank $30 million for violating the holding period regulations on foreclosed real estate.

The OCC said the Sioux Falls, S.D., arm of Citibank repeatedly violated the other real-estate owned statutory holding period because of "deficient processes and controls." Other real-estate owned refers to property that banks take following foreclosures or other borrower defaults.

The OCC's consent order states that the bank violated the holding period more than 200 times over a two-year period that ended this past August. The bank, since 2015, has committed multiple times to fix its deficiencies, the OCC said.

The bank doesn't admit or deny wrongdoing, the OCC said in its order. The regulator said the bank has paid the U.S. Treasury its fine.

Citibank didn't immediately respond to a request for comment.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

October 11, 2019 14:23 ET (18:23 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.