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. […]
Tag Archives: Enforcement Actions
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 […]
OCC Assesses $60 Million Civil Money Penalty, Issues Cease and Desist Order Against USAA
News Release 2022-25 | March 17, 2022 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $60 million civil money penalty against USAA, Federal Savings Bank, for violations of the OCC’s Bank Secrecy Act regulations. The OCC also issued a Cease and Desist Order against the bank based on its […]
OCC to Hold Virtual Hearing on Charges Against Saul Ortega and David Rogers; Agency Seeks Prohibition Orders and Civil Money Penalties
News Release 2022-7 | January 25, 2022 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a public virtual hearing before an Administrative Law Judge beginning Monday, January 31, 2022. The OCC will litigate enforcement actions against two individuals formerly associated with First National Bank, Edinburg, Texas (closed): Saul Ortega, former […]
OCC Issues Consent Order Against Cenlar FSB
News Release 2021-111 | October 26, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a Consent Order against Cenlar FSB of Ewing, N.J. The OCC took this action based on the bank’s failure to establish effective controls and risk management practices related to its mortgage servicing and subservicing activities. […]
OCC Issues Cease and Desist Order Against MUFG Union Bank for Deficiencies Relating to Technology and Operational Risk Governance
News Release 2021-100 | September 20, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a Cease and Desist Order against MUFG Union Bank, N.A. The OCC took this action based on the bank’s unsafe or unsound practices regarding technology and operational risk management and the bank’s noncompliance with the […]
OCC to Hold Hearing on Charges Against Former Wells Fargo Bank, N.A. Executives; Agency Seeks Prohibition Order, Orders to Cease and Desist, and Civil Money Penalties
News Release 2021-96 | September 10, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a public hearing before an Administrative Law Judge beginning Monday, September 13, 2021, in Sioux Falls, S.D. The OCC will litigate enforcement actions against Claudia Russ Anderson, former Community Bank Group Risk Officer, David Julian, […]
OCC Assesses $250 Million Civil Money Penalty, Issues Cease and Desist Order Against Wells Fargo
News Release 2021-95 | September 9, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against Wells Fargo Bank, N.A, of Sioux Falls, S.D., based on the bank’s unsafe or unsound practices related to deficiencies in its home lending loss mitigation program and violations […]
OCC to Hold Hearing on Charges Against Biagio Maffettone; Agency Seeks Prohibition Order and Civil Money Penalty
News Release 2021-84 | August 27, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a public hearing before an Administrative Law Judge beginning Tuesday, August 31, 2021, where the OCC will litigate enforcement actions against Biagio Maffettone, former Vice President and Home Mortgage Area Manager at Citizens Bank, N.A., […]