Citibank revealed in court filings that federal agencies, including the FBI and EPA, have requested the bank to freeze accounts belonging to various nonprofits and state government agencies. These accounts were frozen in February, aligned with the management of funds from the $27 billion Greenhouse Gas Reduction Fund established by the Inflation Reduction Act. Citibank, as the financial agent, oversees funding for green technology projects. Some affected nonprofits have initiated legal action against the bank, demanding access to their accounts.
The accounts were frozen in February, but new documents make public details previously unknown, including a full list of nonprofits under FBI scrutiny.
Citibank administers funding from the $27 billion Greenhouse Gas Reduction Fund, which was created by the Inflation Reduction Act passed by Congress in 2022.
Three nonprofits that received green bank funds have sued Citibank, asking the bank to release the money in their accounts.
The FBI has requested Citibank to place 30-day administrative freezes on accounts held by nonprofits that were recipients of the green bank funding.
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