Citi And The FDIC Negotiate Memorandum of Understanding (MOU)

Citigroup Inc. (NYSE: C) has been negotiating with the Federal Deposit Insurance Corp. (FDIC) about entering into a so-called memorandum of understanding (MOU) with that agency, according to the WSJ. A memorandum of understanding entitles banks the opportunity to work out their problems without the glare of outside attention.

Citigroup has been operating since last year under a similar agreement with the Office of the Comptroller of the Currency, the WSJ reported.

The pact with the FDIC relates to the company's plans to shed assets and improve its governance, among other things, essentially reinforces a strategy already ongoing at the company.

But some Citigroup officials are hopeful that this new agreement, which was negotiated by Chairman Richard Parsons, will assist in improving Citi's relationship with the FDIC.

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