US Fed closes Citi risk management notices

The U.S. Federal Reserve has closed some important notices that were telling Citigroup, a big bank, to fix problems with how it manages risks in its trading.

These notices, called MRIAs, were about how Citi calculates and manages risks from its trading partners and sets aside money to cover potential losses.

The Fed issued these notices in late 2023, and now they have been closed, which is good news for Citi's CEO, Jane Fraser, who has been working to fix these issues.

Citi has had problems with inconsistent data because of different systems not being fully combined after big acquisitions.

The bank also has other regulatory punishments to deal with, including a fine for not improving data governance and quality.

The Fed is also changing how it oversees banks, including how it handles these MRIAs.