Citigroup Inc., or Citi, is an American investment company that has made its presence known globally. However, at heights of global financial crisis, an issue arouse that affected the internal operations of the company. A Settlement Agreement was made along with the assigning of the Citigroup monitor.
It was the federal government with the five states that made Citi agree to the terms of the agreement. Delaware, Illinois, New York, Massachusetts, and California were respectively represented by their lawyers. This agreement was born due to alleged claims against Citi stating that they had structured, marketed, packaged, and sold inadequate RMBS or residential mortgage backed securities, as well as CDOs or collateralized debt obligation.
Consumer relief is one of the terms and conditions in the said agreement. Here, an independent monitor will be assigned by the court acting in behalf of the government and the states. Thomas Perrelli was the appointed monitor who is going to track the progress of Citi, as well as give certification once they meet the obligations under this term by December 31, 2018.
A team will assist him as he does his monitoring duties. He will spearhead in forming transparent reports that will be made accessible to the public. This way, the public will know that Citi is adhering to the stated terms. Each quarter, he will provide his input which will reflect the obligatory progress of their company to consumer relief.
In communicating the results of his reports, he is given platforms in informing the government, the states, and the public. He and his team will call for and conduct a meeting with the representatives of these parties along with Citi. He will also post them in the website of Citi Monitorship for the public to access. He will also call for the press to give public statements.
Limitations are also detailed in addition to his duties. He and members of his team are to not conduct actions beyond their mandated duties, control, and capabilities. If they go beyond that, they are legally liable to reparations. If multiple aggressions are found, this can lead to ultimate removal from the monitoring position.
He will not dictate or hold any authority as to how Citi will provide the forms of consumer relief. In relation, he will not dictate them on which consumers to give the relief to. He also is not to show any interest and obligation over the settlement amount as this is between Citi and governing bodies.
Their website shows the latest report which is Citi Monitorship Ninth Report November 2018. In it, no concrete statements have yet to imply the completion of Citi in their obligations or their certification. There were, however, eligibility issues in regards to submission of their relief under Menu Items of Appendix 2 which are 1D, 1E, and 1H, along with their credit receipt under Item 4A.
If he finds that Citi will not be able to complete their obligations by the time they release their last report, then Citi is contractually obligated to pay the remaining obligation in cash to the nonprofit organization, NeighborWorks America. Per agreement, payment will mark the completion of their obligation. The money will go to housing counseling, foreclosure prevention, neighborhood stabilization, and other related works.
It was the federal government with the five states that made Citi agree to the terms of the agreement. Delaware, Illinois, New York, Massachusetts, and California were respectively represented by their lawyers. This agreement was born due to alleged claims against Citi stating that they had structured, marketed, packaged, and sold inadequate RMBS or residential mortgage backed securities, as well as CDOs or collateralized debt obligation.
Consumer relief is one of the terms and conditions in the said agreement. Here, an independent monitor will be assigned by the court acting in behalf of the government and the states. Thomas Perrelli was the appointed monitor who is going to track the progress of Citi, as well as give certification once they meet the obligations under this term by December 31, 2018.
A team will assist him as he does his monitoring duties. He will spearhead in forming transparent reports that will be made accessible to the public. This way, the public will know that Citi is adhering to the stated terms. Each quarter, he will provide his input which will reflect the obligatory progress of their company to consumer relief.
In communicating the results of his reports, he is given platforms in informing the government, the states, and the public. He and his team will call for and conduct a meeting with the representatives of these parties along with Citi. He will also post them in the website of Citi Monitorship for the public to access. He will also call for the press to give public statements.
Limitations are also detailed in addition to his duties. He and members of his team are to not conduct actions beyond their mandated duties, control, and capabilities. If they go beyond that, they are legally liable to reparations. If multiple aggressions are found, this can lead to ultimate removal from the monitoring position.
He will not dictate or hold any authority as to how Citi will provide the forms of consumer relief. In relation, he will not dictate them on which consumers to give the relief to. He also is not to show any interest and obligation over the settlement amount as this is between Citi and governing bodies.
Their website shows the latest report which is Citi Monitorship Ninth Report November 2018. In it, no concrete statements have yet to imply the completion of Citi in their obligations or their certification. There were, however, eligibility issues in regards to submission of their relief under Menu Items of Appendix 2 which are 1D, 1E, and 1H, along with their credit receipt under Item 4A.
If he finds that Citi will not be able to complete their obligations by the time they release their last report, then Citi is contractually obligated to pay the remaining obligation in cash to the nonprofit organization, NeighborWorks America. Per agreement, payment will mark the completion of their obligation. The money will go to housing counseling, foreclosure prevention, neighborhood stabilization, and other related works.
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See the ninth report from the Citigroup monitor by visiting the official website of this company. Log on to the main page now at http://www.citigroupmonitorship.com.
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