WASHINGTON – Citigroup Inc. spent $1.18 million to lobby the federal government on new rules that affect its ability to trade complex Wall Street securities, cyber security, new housing rules and other issues in the third quarter, according to a recent disclosure report.
The focus on cyber security stemmed from a data breach that occurred in June, when Citi said hackers had stolen information of 360,000 of its U.S. credit card accounts. The disclosure created a public furor because the bank reported the data breach over a month after it discovered the breach in May.
The bank said that hackers accessed customer names, account numbers and contact information, including e-mail addresses. It was the latest in a string of hacking incidents this year. Members of the House and Senate introduced bills to formulate new rules on how companies should handle such data breaches.
