Important Things You Should Know About Citigroup Monitorshhip

Citigroup monitorshhip is a settlement agreement that was formed to ensure that Citi honoured its obligations as far as consumer reliefs were concerned. This amounted to $2.5 billion. Led by Thomas J. Perrelli, the role of the Monitor was to ensure, among other roles, that every progress is communicated to the public. Remember that Thomas J. Perrelli is an independent monitor with many years of experience. As part of its obligations, the monitor ensured that Citi was in progress in meeting the set demands as was in the settlement agreement. 

The consumer relief obligations were to be part of an assurance of complete adherence to the agreement. In a bid to provide clear information about the progress of the monitor in honouring the consumer relief obligations, the Monitor came up with a number of reports - 13 to be precise. These reports were issued within a period of four years, with the first one coming at the beginning of 2015. In November of 2020, the Monitor released the final report. Read on to learn more about Citigroup monitorshhip and understand how effective it was in ensuring that Citi honoured a settlement agreement to pay provide consumer relief.

Interestingly, although the Monitor has the general duty of overseeing Citi's progress in honouring the settlement agreement, there were no clear details on which forms of relief Citi could provide, or even the consumers who were to receive them. It is important to note that Citi was supposed to provide a $4.5 billion in cash as well. Yet, the Monitorship did not oversee this obligation because it was handled between the relevant state entities and Citi. Mr. Perrelli operated by testing Citi's activities to get an insight into its commitment in completing the consumer relief obligations. 

According to the final report, Citi met all the obligations in providing consumer relief. Although Thomas J. Perrelli was appointed under the settlement agreement, you may need the services of an independent monitor just like him in future. Therefore, before you commit to a particular person, you need to investigate their background so you can be sure to pick the best.

To begin with, you need a reliable independent citigroup monitor. They should be committed to the project subject to your organization's policies. How can you ascertain that they will be absolutely independent? Just like Mr. Perrelli, an ideal independent monitor should conduct his or her oversight openly. After all, they must win the confidence and trust of the public. It is also ideal that they have adequate experience. 

This can be determined by the number of years they have been working and the categories of projects they have handled in the past. Then there is the aspect of communication. Whereas they are expected to work independently without the interference of the government or any other entity, they should communicate effectively and in time. They should provide updates about the progress of compliance with agreement settlements either through meetings with interested parties or on their website.