Citi repeatedly breached rule meant to keep banks safe, Reuters reports

Citi breached a Fed rule that limits intercompany transactions repeatedly, leading to errors in its internal liquidity reporting, Reuters’ Lananh Nguyen and Tatiana Bautzer report. According to a document from December seen by Reuters, Citi’s “subsequent reaction to the breaches resulted in liquidity reporting inaccuracies.” “We are fully committed to complying with laws and regulations and have a strong Regulation W framework in place to ensure prompt identification, escalation and remediation of issues in a timely manner,” a bank spokesperson said.