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ARTICLE · 20 AUGUST 2018

FRB Fines Bank For Inadequate Notarization Procedures

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The Federal Reserve Board ("FRB") fined a bank holding company for alleged improper execution of residential mortgage-related documents.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Federal Reserve Board ("FRB") fined a bank holding company for alleged improper execution of residential mortgage-related documents.

According to the Order, CitiGroup Inc. consented to an assessment of a civil money penalty of $8.6 million for the deficient execution and notarization of certain mortgage-related affidavits prepared by CitiFinancial, a subsidiary of CitiGroup Inc. The alleged misconduct occurred between January 2015 and August 2015 and was thereafter corrected.

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