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Wisconsin bank directors penalized over Call Reports

Platteville, WI
11/03/2016
Fine Amount: 
$40,000
Penalty Type: 
Issued by: 

Eight directors of Clare Bank, National Association, Platteville, Wisconsin, have been issued Consent Orders by the OCC directing that they each pay a $5,000 civil money penalty for onging and recurring problems involving the bank's filing of Call Reports. In each case, the OCC found that during the period of at least September 2012 through December 2015, the directors failed to ensure:

  • the Bank’s Call Report preparation and reporting process was managed by qualified and competent personnel;
  • adjustments made in the transfer of data from the Bank’s general ledger to the Call Report were documented and accounted for; and
  • the Bank had an effective secondary review process to prevent Call Report errors.

In each case, the director was found to have recklessly engaged in unsafe or unsound practices, breached his/her fiduciary duty, and violated 12 U.S.C. §161 [reports to the Comptroller of the Currency] on several occasions, constituting a pattern of misconduct.

Affected individuals are:

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