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Will Fed's Action Reignite Citi-WaMu Rumors?(Federal Reserve Board approves Citigroup Inc.'s to make acquisition)(Washington Mutual Inc.)
Washington -- The Federal Reserve Board of Governors has given Citigroup the green light to make "significant" acquisitions, saying the financial services giant has improved its compliance risk management program.
A year ago, the Fed ordered Citigroup "not to undertake significant expansion" because of concerns about its compliance program.
By giving Citigroup the go-ahead on large acquisitions, the Fed's ruling is fueling speculation that the bank might make a run at Washington Mutual, Seattle, the nation's largest thrift and third-largest mortgage banker. Citibank services $403.2 billion of home loans through its CitiMortgage subsidiary at the end of last year. WaMu, the nation's third largest servicer, managed a portfolio of $746.8 billion in home loans.
A March 3 letter written by William Rutledge, EVP of the Federal Reserve Bank of New York, said Citigroup has made "significant progress" in implementing a new compliance risk ...
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