The Federal Reserve imposed a penalty of $400 million on Citigroup Inc on Wednesday and asked the latter to “correct several longstanding deficiencies.”

What Happened: Citigroup failed to take “prompt and effective actions” to correct practices the regulator previously identified, particularly in compliance risk management, data quality management, and internal controls, the Federal Reserve Board said in a statement.

The Office of the Comptroller of the Currency, which oversees Citibank, imposed a $400 million civil money penalty against the New York-headquartered bank, the regulator said in a separate statement.

“We are disappointed that we have fallen short of our regulators’ expectations, and we are fully committed to thoroughly addressing the issues identified in the Consent Orders,” Citigroup said in a statement issued in response.

Why It Matters: In August, Citibank came under fire as it accidentally wired $900 million to several companies that provided loans to cosmetics firm Revlon Inc and consequently struggled to recover the amount as the recipients refused to return the funds, CNN reported…CLICK for complete article

Andrew Ruhland over at Integrated Wealth Management thought this article would be our interest to our readers. ~Ed. “With all of the insanity that is the U.S. Presidential Election year (Covid-19 is merely an “accelerant” and stretched valuations of bigcap tech are a sideshow), this is the single biggest risk to The Republic, markets, and the civility of the North American continent. Mistrust of the election itself is toxic, and therefore dangerous…potentially fatally dangerous.”

We are not going to know the winner of the presidential election on the night of November 3rd. Sadly, we almost certainly won’t know the winner the next day either.

In fact, it may be many weeks before a winner is formally declared.

Laws have been passed all over the country to make voting by mail much easier, and it is being very heavily promoted in many states. It is being projected that at least 83 percent of all U.S. voters will be eligible to vote by mail in November, and that is an astounding number. If all of those people actually did vote by mail, more than 190 million votes would go through our postal system. But of course many people will continue to show up in person and vote the old-fashioned way. We will get the results from those that vote in person on election day very rapidly like we normally do, but it may take a very long time before all of the mail-in votes are tallied. Click for complete article.