WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the […]
Tag Archives: Enforcement Actions
OCC Assesses $65 Million Penalty Against City National Bank
WASHINGTON, D.C. — The Office of the Comptroller of the Currency (OCC) today assessed a $65 million civil money penalty against City National Bank, of Los Angeles, California, related to systemic deficiencies in the Bank’s risk management and internal controls. The OCC found that the bank engaged in unsafe or unsound practices, including its failure to […]
OCC Announces Enforcement Actions for January 2024
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the […]
OCC Assesses $15 Million Penalty Against U.S. Bank for Unfair Practices
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank, National Association, Cincinnati, Ohio, for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments. The OCC found that the bank engaged in unfair practices […]
OCC Announces Enforcement Actions for October 2023 and Enhances Transparency Around Certain Misconduct
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against individuals currently and formerly affiliated with national banks and federal savings associations (collectively, banks). To provide additional information regarding the OCC’s actions taken against individuals, the orders now include a reference if the misconduct specifically involves elderly customers. Such financial […]
OCC Assesses $15 Million Civil Money Penalty Against American Express National Bank Related to Bank’s Governance and Oversight of Third-Party Affiliate
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers. The OCC found that American Express failed to […]
OCC Assesses $60 Million Civil Money Penalty Against Bank of America Related to Bank’s Overdraft Program
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $60 million civil money penalty against Bank of America, N.A., for violations of law relating to its practice of assessing multiple overdraft and insufficient funds fees against customers for a single transaction. The OCC found that Bank of America charged customers tens of […]
OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.’s Community Bank, for her role in systemic sales practices misconduct. This settlement resolves the administrative enforcement action against Ms. […]
OCC Assesses $6 Million Civil Money Penalty Against Sterling Bank and Trust, FSB
News Release 2022-119 | September 27, 2022 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $6 million civil money penalty against Sterling Bank and Trust, FSB, Southfield, Mich. The OCC also terminated the June 18, 2019, Formal Agreement between the bank and the OCC. The OCC’s penalty is based […]
OCC Assesses $125 Million Civil Money Penalty Against Bank of America, Orders Restitution for Unfair and Deceptive Practices
News Release 2022-84 | July 14, 2022 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $125 million civil money penalty against Bank of America, N.A., for violations of law and unsafe or unsound practices relating to the bank’s administration of a prepaid card program to distribute unemployment insurance and […]