OCC announces enforcement actions against four US banks
The Office of the Comptroller of the Currency (OCC) has released its latest list of enforcement actions taken against national banks and federal savings associations in recent weeks, with formal agreements made with four US banks.
The OCC announces latest enforcement actions
The list of banks that entered into formal agreements with the OCC in recent weeks includes Florida’s Axiom Bank, Texas’ First National Bank of Lake Jackson, Ohio’s First National Bank of Dennison, and The First National Bank of Waverly, also based in Ohio.
The OCC says it “uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified”.
In the agreement with Axiom Bank, the regulator claims it found “unsafe or unsound banking practices” with respect to its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance programme.
For First National Bank of Lake Jackson, the OCC claims it found “unsafe or unsound practice(s), including those relating to the strategic and capital planning, liquidity risk management, and interest risk management”.
For First National Bank of Dennison, the regulator claims it found “unsafe or unsound practice(s), including those relating to board and management oversight, credit underwriting, and credit administration”, and for the First National Bank of Waverly, it claims it found “unsafe or unsound practices, including those relating to strategic planning, capital planning, and liquidity risk management”.
