Report: Citi Repeatedly Broke Fed's Intercompany Transaction Limits

Citigroup reportedly made repeated breaches of a Federal Reserve rule limiting intercompany transactions.Those breaches led to errors in the banking giant’s internal liquidity reporting, Reuters reported Wednesday (July 31), citing an internal document from Citi.According to the report, the Fed’s Regulation W requires banks to restrict transactions such as loans to the affiliates under their control to protect depositors whose funds are insured up to $250,000 by the government.Reuters notes that the infract ...